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Nevada ranked first among the 50 states for its export growth in the first
four months of this year.
Annual export growth is a measure of the intensity that U.S. companies
penetrate foreign markets in the global economy.
In the January-April period, exports for the nation as a whole grew by 12.5
percent, compared with the same period in 2003.
But Nevada’s exports, adjusted for seasonal variation, grew at an annual
rate of 73.3 percent — nearly six times better than the national average.
Recent evidence shows the global economy is on its full recovery. Combined
with the low value of the dollar, which makes domestic goods cheaper for
foreign consumers, a strong increase in global demand for domestic goods is
under way.
Good employment news
That has translated to good news in April for Nevada’s companies doing
business abroad and local jobs tied to exports.
Following a 42.2 percent rise in March, sales of made-in-Nevada goods
advanced 4.2 percent in April. The $10.1 million increase from the previous
month brought exports, adjusted for seasonal variation, to $250.7 million in
April, the highest level on record.
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WHO LEADS GLOBALLY?
This looks at the percentage change in exports
for the Top 5/Bottom 5, seasonally adjusted, in the first four months of
2004 vs. same period of 2003:
1) Nevada, 73.3
2) Montana, 50.3
3) Idaho, 44.4
4) Vermont, 41.2
5) West Virginia, 41.0
46) Ohio, 0.5
47) Kansas, -1.0
48) Washington, -4.6
49) Nebraska, -8.0
50) Utah, -12.6
Foreign sales rose to $250.7M in April
Source: infometrica.com
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Compared with last year, the
latest snapshot in Nevada’s sales abroad shows solid gains in foreigners’
demand for locally made goods. Last April, exporters sold $117.6 million, or
an whopping 88.4 percent, more goods than a year ago.
Manufacturers’ foreign shipments from Nevada’s companies increased in April.
Exports of manufactured goods, adjusted for seasonal variation, climbed 8.2
percent from the previous month, to $198.9 million — an all-time high.
Manufactured goods accounted for 79.3 percent of all state exports in April.
Compared with a year earlier, foreign shipments from local factories leaped
$98.1 million, or 97 percent.
That is important news for Silver State’s labor market because the
industrial mix of international sales implies that one in every nine factory
jobs is generated by exports.
Exports of non-manufactured goods totaled $51.8 million in April, an 8.9
percent decrease from March. This group of shipments abroad consists of
agricultural goods, mining products and re-exports, which are foreign goods
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. That mainly
reflected decreases in capital goods; industrial supplies and materials;
foods, feeds and beverages; and automotive vehicles, parts and engines.
Looking ahead
According to a recent business survey by the Institute of Supply Management,
the nation’s supply executives continue to be optimistic about the prospects
of growing export markets.
The Tempe, Ariz.-based research institute reported that the Export Orders
Index grew in May for the 18th consecutive month.
Of the 87 percent of respondents of the largest U.S. corporations selling
products abroad, 42 percent reported greater export orders, 16 percent
reported smaller orders and 42 percent reported no change 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 The Reno Gazette-Journal
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