Rhody exports increase slightly year-over-year

RHODE ISLAND exports increased slightly, 1.2 percent, in October when compared to a year earlier. / COURTESY E-FORECASTING.COM
RHODE ISLAND exports increased slightly, 1.2 percent, in October when compared to a year earlier. / COURTESY E-FORECASTING.COM

PROVIDENCE – Rhode Island exports increased slightly, 1.2 percent, in October when compared to a year earlier.

When comparing October to September however, exports dropped 9.4 percent to $174 million, according to data released Friday by e-forecasting.com.

Manufactured goods, which account for 57 percent of all state exports, decreased by 7.5 percent as non-manufactured exports – agricultural goods, mining products and re-exports – fell 11.8 percent.

In a ranking of export growth for the first 10 months of the year, Rhode Island ranked No. 18 at 22.2 percent growth.

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The Ocean State fared far better than its New England counterparts for export growth year-to-date: Maine came in No. 26; Massachusetts at No. 44; New Hampshire, No. 48; Connecticut, No. 49; and Vermont, No. 50.

Nationally, exports grew 13.5 percent from a year earlier but declined 1.2 percent from a month earlier.

“The projections on global growth and international trade suggest a slowdown in incoming export orders for Rhode Island companies. The weakening of foreign demand will lessen production activity at the state level and, as a result, there will be no gains in export-related jobs next year,” said chief economist Evangelos Simos.

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