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State
Exports Connecticut |
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Recent evidence show that the
global economy is on its full recovery. Combined with the low value of the
dollar which makes domestic goods cheaper for foreign consumers, an increase
in global demand for domestic goods is underway. This has translated to good
news for Connecticut's businesses and local jobs in April.
Foreign sales of
made-in-Connecticut goods advanced 1.4 percent in April, following two
consecutive increases of 4.5 and 4.8 percent in March and February,
according to an analysis of the state’s trade statistics. The $10.6 million
monthly rise brought exports, adjusted for seasonal variation, to $757.0
million, which is the highest level in nineteen months.
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Compared with last year, the
latest reading in international sales shows solid gains in foreigners’
appetite for goods made in the Constitution State. In April of this year,
exporters shipped abroad $87.2 million, or 13.0 percent, more goods than in
April of 2003.
April’s export growth was not
even among industries. Shipments of manufactured goods did not improve in
April, edging down by 0.8 percent from the previous month to $667.5 million,
seasonally adjusted.
However, compared with April of
last year, this month’s exports from state factories were $52.8 million
higher. This is important news for labor markets because the state’s
industrial mix of foreign sales implies that one in every four factory jobs
is tied to exports.
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Exports
of non-manufactured goods totaled $89.6 million in April, a 22.1
percent from March. This group of shipments abroad consists of
agricultural goods, mining products, and re-exports, which is foreign
merchandise that entered the state as imports and are exported in
substantially the same condition as when imported.
At the national level, exports of goods, adjusted for seasonal
variation, declined 2.3 percent in April to $65.8 billion from March,
mainly reflecting decreases in capital goods; industrial supplies and
materials; foods, feeds, and beverages; and automotive vehicles,
parts, and engines.
In the first four months of this year, exports for the nation as a
whole grew by 12.5 percent, compared to the same period in 2003.
Annual export growth is a measure of the intensity that U.S. companies
penetrate foreign markets in the global economy.
Connecticut ranked thirty sixth among the fifty states for its export
growth in the first four months of this year. In the January to April
period, Connecticut 's annual growth rate in foreign sales, adjusted
for seasonal variation, was 9.6 percent, three points below the
national average.
What’s the outlook for exports? According to a recent business survey,
conducted by the Institute of Supply Management, the nation’s supply
executives continue to be optimistic about the prospects of growing
export markets.
The Tempe, Arizona, based research institute reported that their
export orders index grew in May for the 18th consecutive month. Of the
87 percent of respondents of the largest U.S. corporations who sell
products abroad, 42 percent reported greater export orders, 16 percent
reported smaller export orders, and 42 percent reported no change in
export orders from April’s levels.
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Evangelos Otto Simos, chief economist at the consulting and research firm Infometrica Inc., is editor for International Affairs in the Journal of Business Forecasting and professor
and chair of the Economics department at the University of New Hampshire.
Simos can be reached at: eosimos@infometrica.com
Copyright © 2004 Republican-American
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