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Reflecting
improved economic conditions abroad, New Hampshire exports rose for a third
straight month to $184.9 million in December, the highest volume since
August 2001.
Foreign sales of locally made goods increased 0.8 percent from the previous
month, edging above the exceptional performance of both October and
November. In comparison to a year ago, companies shipped abroad $41.3
million, or 28.8 percent, more made-in-New Hampshire goods than in December
2002.
The sales accomplishment of New Hampshire’s exporters in the last quarter
helped 2003 to end on a good note. New Hampshire businesses were able to
avoid a contraction in international sales.
For the year, state companies exported $1,931 million in merchandise, $68
million more than in 2002. The 2003 performance translates to a 3.7 percent
increase in foreign sales, which is a great achievement in comparison with a
22.4 percent tumble in 2002.
Last year’s increase in sales abroad was helped by global economic recovery
and a fall in the value of the dollar. A weaker currency makes locally
produced goods less expensive and consequently more competitive in
international markets.
December’s overall export performance was not broad-based. Exports of
manufactured goods, which account for 81 percent of all state exports,
increased $11 million to $156 million from November. The last time foreign
shipments from local factories were higher than $156 million was in August
2001, when they were $162 million.
Manufacturing exports are the source of export-led economic growth because
of their spillover effects on all industries and thus they are also a major
generator of new jobs.
In comparison, exports of non-manufactured goods — agricultural and mining
products — fell $9.7 million to $10.7 million in December from the previous
month.
At the national level, exports of goods, seasonally adjusted, fell 1.2
percent in December to $62.9 billion from November. The fall in the nation’s
exports in the last month of 2003 is, to a large extent, explained by
declines in foreign sales of capital goods, a broad category that includes
semiconductors, machinery, medical equipment and aircraft.
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