PROVIDENCE – Exports from the Ocean State increased 19.3 percent in January to $227.9 million on a month-to-month, seasonally adjusted basis after dropping 0.5 percent in December, according to an international trade statistics report from e-forecasting.com.
Overseas shipments from Rhode Island manufacturers, which accounted for 60 percent of the month’s exports, increased 6.3 percent from December to January to $136.2 million, seasonally adjusted.
Exports of non-manufactured goods totaled $91.7 million in January, a 45.6 percent increase from the $63 million shipped in December. Non-manufactured goods include agricultural goods, mining products and re-exports, which are foreign goods that entered the state as imports and are exported in the same condition.
Year over year, Rhode Island’s exporters surpassed their January 2012 performance by $47.4 million, or 26.3 percent, according to the report.
Nationally, exports dropped 1.5 percent from December to January to $130.8 billion, seasonally adjusted, although the total in January represented a 2.4 percent increase on the January 2012 total.
Although Rhode Island’s manufacturers began 2013 with an increase in exports, e-forecasting.com Chief Economist Evangelos Otto Simos said that the double-dip recession in Europe was bound to have negative spillover effect on its trading partner countries and consequently on Rhode Island.
In January, $46.5 million of goods made in Rhode Island were sold to euro-zone buyers, 24.8 percent of all state exports, said the e-forecasting report. Among the 50 U.S. states, Rhode Island ranked third for its percentage exposure to the economic conditions in Europe.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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