R.I. exports grow 13.5% in Nov., growth YTD ranks No. 9 in U.S.

RHODE ISLAND CONTINUES to trend above the national average for export growth; through the first 11 months of the year, the Ocean State ranked No. 9 in export growth among the 50 states and Washington, D.C. / COURTESY E-FORECASTING.COM
RHODE ISLAND CONTINUES to trend above the national average for export growth; through the first 11 months of the year, the Ocean State ranked No. 9 in export growth among the 50 states and Washington, D.C. / COURTESY E-FORECASTING.COM

PROVIDENCE – Rhode Island exports increased 13.5 percent in November compared with November 2013 to $214.9 million, according to the latest report by e-forecasting.com.

The Ocean State’s November performance outpaced national export growth, which at $136.7 billion was essentially flat year over year.

Through the first 11 months of 2014, Rhode Island’s export growth of 9.5 percent ranked it No. 9 among the 50 states. It also was the highest ranking New England state.
Ranking first was Hawaii with growth of 154 percent. New Hampshire ranked No. 18 with 4.7 percent growth, and Massachusetts was No. 26 with 2.6 percent. Maine, Connecticut and Vermont posted negative numbers at 0.1 percent, 4.5 percent and 10.7 percent, respectively.

Comparing November with October, Rhode Island exports grew 1.6 percent, following a decrease of 13.7 percent from September to October.
The numbers are adjusted for seasonal variation, making them comparable to national and international metrics, e-forecasting.com said.

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In November, $214.9 million worth of goods were shipped from Rhode Island to foreign markets, which was $3.4 million more than what was recorded in October.
Manufactured goods led foreign shipments, accounting for 53 percent of all state exports. Sales abroad from Rhode Island’s manufacturers decreased in November by 27.4 percent from the previous month to $113.6 million.
On an annual basis, exports from state factories fell 13.4 percent, or by $2.2 million, from the November 2013 totals.
Exports of non-manufactured goods, which includes agricultural goods, mining products and re-exports, rose 84.2 percent in November to $101.3 million.

Prospects over the next few months for exports of manufactured goods depend on the pace of incoming orders from foreign buyers, e-forecasting.com said. According to the December business survey conducted by the Institute of Supply Management, the nation’s purchasing executives continue to be optimistic about the prospects of selling products abroad.
Information from the World Trade Organization showed that from January to November, China was the world’s leading exporter, selling $2.1 trillion of goods, 5.7 percent more than the same period in 2013.

The United States ranked second, with foreign sales hitting $1.5 trillion during the first 11 months of 2014.
Germany maintained third place, posting $1.4 trillion in foreign sales in 2014, and Japan ranked fourth, selling abroad $633 trillion of merchandise last year.
The four countries’ combined value of exports accounted for one-third of all exports in the world in the first 11 months of 2014.

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