CLICK HERE. / " title="RHODE ISLAND exports increased 18 percent in May when compared with a year earlier, although they fell when compared with April, according to e-forecasting.com. For a larger version of this graphic, CLICK HERE. /"/>PROVIDENCE – Rhode Island exports increased 18 percent in May when compared with a year earlier, according to seasonally adjusted data from e-forecasting.com.
Exports climbed to $178.8 million in May from $151.5 million in May 2010. When comparing May to a month earlier, exports decreased 19.6 percent from $222.3 million.
Manufactured goods, accounting for 66 percent of all foreign sales, advanced 22.5 percent in May to $118 million from $96.3 million a year earlier. In contrast, the value of manufactured goods dropped 14.7 percent in May from April.
Nonmanufactured goods exports – agricultural goods, mining products and re-exports – increased 10.1 percent from a year earlier, reaching $60.8 million in May. When comparing the figure with a month earlier, however, nonmanufactured exports fell 27.5 percent.
Rhode Island grew its exports 29.5 percent in the first five months of the year, placing it No. 9 in the country. In a regional comparison, Maine ranked No. 4, while Vermont came in at No. 50, with a decline of 2.8 percent in its exports. New Hampshire ranked No. 39, Connecticut came in at No. 43 and Massachusetts at No. 46.
Nationally, exports rose 15 percent in May year over year to $174.86 billion, seasonally adjusted, said Evangelos Simos, chief economist of e-forecasting.com.
“Driven by emerging and developing countries’ robust demand, Rhode Island’s exports will continue to be a key contributor to local production and the creation of local jobs. Export are expected to continue to keep the state economy afloat given the risk of the U.S. sinking to a new recession due to the weak domestic demand,” said Simos.
Is it possible that the reason for an increase in exports is that there is no business in R.I. to buy the products we manufacture? What is produced here has to be exported when there is no one here left to buy.
Harry, that is the truely the dumbest comment I have ever heard. It’s completely lacking in critical thought and it’s quite clear you have no idea what you are talking about. You really should have kept that to yourself. It’s dumb even by local RI native standards.