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New Hampshire
companies posted solid gains in foreign sales in February, led by strong
demand from China.
After a dip in January, state exports rose $2.9 million in February from the
previous month to a total of $172.7 million, or a 1.7 percent increase.
Most important, in comparison to a year ago, the state’s exporters sold
$25.6 million, or 17.4 percent more New Hampshire goods than in February of
2003. State export statistics in the last few months indicate that
international sales have turned the corner and signal an end to the trade
stagnation of the last three years.
February’s gains in state exports resulted from a mix of different trends in
foreign demand.
In February, exports of manufactured goods dipped $1.3 million to $142.3
million from January.
Exports of non-manufactured goods — agricultural and mining products — rose
$4.1 million to $15.5 million in February.
At the national level, exports of goods, seasonally adjusted, rose 5.1
percent in February to $65.1 billion from January, reflecting mainly a
strengthening in demand for capital goods, industrial supplies and
automotive vehicles, parts, and engines.
Overall, Asia was responsible for the biggest increases in purchases of New
Hampshire products in February, especially China. In the face of growing
discontent with its trade policies and the fixing of its currency, which
have become a campaign issue, the Chinese bought $12 million of goods from
the Granite State in February.
This was an astonishing 123 percent jump from January, which makes China the
sixth largest market for New Hampshire’s companies.
Large increases in February’s state exports also occurred for Hong Kong and
Taiwan. Foreign shipments to Hong Kong, the seventh largest market for New
Hampshire’s goods, jumped 20 percent to $6 million. Exports to Taiwan soared
56 percent in February to $3.8 million.
February’s export gains to China were large enough to offset declines in
other countries. Among the state’s major trading partners, local companies
experienced declines in February exports to Mexico, slipping 36 percent to
$5.1 million, and Italy, falling 42 percent to $3.8 million.
Maine hits record
Maine exports hit an 18-year high in February, led by a $250 million
shipment to Brazil.
State exports soared $261.0 million in February, or 161 percent compared to
January, to a total of $423.1 million, the highest volume on record. In
comparison to a year ago, the state’s exporters sold $206.3 million, or 95.2
percent, more goods than in February 2003.
February’s surge was due in part to a big jump from the sale of floating
drilling/production platforms to Brazil. This volatile export category will
not likely be duplicated next month.
Even when this one-time factor is excluded, Maine exports still rose 6.8
percent in February to $173 million.
February’s export growth was broad-based among industries.
Exports of manufactured goods — which account for 85 percent of all state
exports — increased $253 million to $382.6 million compared to January.
Exports of non-manufactured goods — agricultural and mining products — rose
$7.9 million to $36.9 million in February from the previous month.
Although Maine’s February export growth was widespread, major Asian
countries were responsible for the biggest increases in purchases of Maine’s
products, especially Japan. The weakening of the dollar has made Maine’s
goods more attractive to foreign buyers.
Japan bought $10 million of goods from Maine in February. It was an
astonishing 82 percent jump from January, which makes Japan the sixth
largest market for Maine companies.
Exports to China, the fourth largest market for Maine’s goods, increased 67
percent to $17 million. Also, foreign sales to Australia jumped 195 percent
to $2 million. Exports to Korea and India also surged in February, driven by
their fast growing economies. Sales to Korea jumped 35 percent to $8
million, while shipments to India soared 75 percent to $1 million.
Shipments north of the border rose 8 percent from January to $57 million in
February
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