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Following two
consecutive monthly declines at the end of 2004, foreign sales abroad of
goods made in the Pine Tree State edged up slightly to $180.7 million in
January, adjusted for seasonal variation – a statistical process that
equalizes monthly performance for factors such as the number of days in a
month and holidays.
However, the improved global economic conditions since last year have built
up the demand for made in Maine goods. In January of 2005, state companies
shipped abroad $1.9 million, or 1.1 percent, more goods than in January of
2004.
Foreign sales from manufacturers, which accounted for 73 percent of all
state exports, increased in January by 2.2 percent from the previous month
to $131.8 million, adjusted for seasonal variation. Also, on an annual
basis, in January of this year sales abroad from state factories were $2.5
million, or 1.1 percent, lower than in January of last year.
However, exports of non-manufactured goods went down 5.3 percent in January
to $48.9 million, adjusted for seasonal variation. 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.
Although Maine companies do not have a strong presence in the Euro Area
markets, they reaped the benefits of the rising euro in the last three
years. In January, $21.4 million of goods made in Maine were sold to
Euro-buyers; more important, this export volume was 43.9 percent higher than
in January of 2004.
Foreign shipments of goods from Maine to the Euro Area accounted for 13
percent of all state exports in January, compared with the national average
of 16 percent. Maine ranked thirtieth among the fifty states in terms of
dependence upon the economic health of the Euro Area and its currency, the
euro.
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