PROVIDENCE – Exports from Rhode Island fell 2.2 percent in January, which could have much to do with the economic climate in Europe, according an international trade statistics report from e-forecasting.com.
The state’s sale of exported goods fell $4.1 million from December to a total of $180.8 million. Of that $180.8 million, $28 million – or 18.9 percent – of all of the state’s exports were sold to euro-area buyers.
In comparison to the same month last year, Ocean State exports to the euro area declined 23.7 percent. The state’s total foreign exports decreased 9.4 percent when compared with January 2011.
“A major recession in the Euro Area - the second largest economy in the world with an annual income of $11 trillion, which is three-fourths of the United States income - is estimated to have unfavorable spillover effects on all its trading partner-countries, and consequently on Rhode Island’s exporting companies,” said e-forcasting.com.
Among the 50 states, Rhode Island ranks seventh for its exposure to the economic conditions in Europe, according to the report.
For the United States as a whole, January exports to the euro area registered $15 billion – 12.7 percent of all national exports and a 2.7 percent increase from January 2011.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.