R.I. 35th in nation for 10.1% export decline YTD in November

PROVIDENCE – For the second month in a row, Rhode Island ranked 35th in the nation for its year-over-year decline in exports.
Exports fell 10.1 percent in the first 11 months of 2015 compared with the same period in 2014, e-forecasting.com said Friday.
In comparison, Hawaii ranked first with 35.9 percent growth during the same period, while Wyoming was last with a 34.4 percent decline. Massachusetts fared slightly better than Rhode Island, coming in at 32nd with an 8.4 percent drop.

E-forecasting.com said exports from the Ocean State fell 20.6 percent in November to $167.5 million when compared with November’s 2014’s $211 million.

Among goods that were exported, manufacturing products increased 3.5 percent to $121.9 million, but farming and mining products, a segment that includes re-exports (foreign merchandise that entered the state as imports and exported in substantially the same condition as when imported), fell 51.1 percent to $45.6 million.

Nationally, exports declined 10.5 percent year over year in November to $122.2 billion.

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State export numbers are adjusted for seasonal variation to bring them in line with the national trade numbers – a statistical process that smoothes out monthly fluctuations in the number of days in a month and holidays, e-forecasting.com said.

E-forecasting said that the World Trade Organization reported that in the first 11 months of 2015, the value of world merchandise exports fell 11.2 percent to $13.9 trillion from the same period in 2014.

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