R.I. exports up 4.1% in Sept. as global demand wanes
RHODE ISLAND'S 10.3 PERCENT decline in exports during the first nine months of 2013 ranked the Ocean State 46th in export growth among the 50 states. September exports totaled $181.4 million in Rhode Island, a decline of 1.3 percent compared with September 2012. On a month-over-month basis, September exports represented a 4.1 percent increase.
PROVIDENCE – Rhode Island exports rose $7.2 million, or 4.1 percent, in September, according to an e-forecasting.com report.
The month-over-month increase, which followed a 14.1 percent increase in exports between July and August, brought Rhode Island’s total exports for September to a seasonally adjusted $181.4 million.
On a year-over-year basis, September exports represented a 1.3 percent decline.
Foreign sales of manufactured goods accounted for 65 percent of Rhode Island’s exports in September, totaling $117.3 million, or 3.4 percent more than the previous month’s total and 5.7 percent more than the total in September 2012.
The $64.1 million total of non-manufactured exports in September represented a month-over-month increase of 5.4 percent and a year-over-year decline of 12 percent. Non-manufactured goods include agricultural goods, mining products and re-exports.
Rhode Island again ranked 46th in export growth among the 50 states during the first nine months of 2013, with a decrease of 10.3 percent compared with the first nine months of 2012. Only Maine, North Dakota, New Mexico and West Virginia registered slower export growth between January and September.
Nationally, World Trade Organization statistics from the first nine months of 2013 show that exports from the top 70 exporting countries worldwide increased 1.7 percent compared with the first nine months of 2012. The e-forecasting report cited slower economic growth in Europe and Asia – resulting in higher jobless rates and stagnanting incomes – as the primary cause of the weakening demand for foreign goods.
U.S. exports for September totaled a seasonally adjusted $132.1 billion, a 0.2 percent decline over the previous month and a 0.5 percent decline over the same period last year. September was the third consecutive month of U.S. exports decreasing on a monthly basis, reflecting declines in foreign sales of industrial supplies and materials, consumer goods and capital goods.