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N.H. exports rise, Maine's fall in June

by Evangelos Otto Simos

SPECIAL to Foster's Sunday Citizen on August 28, 2005  

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::  State Exports New Hampshire

Foreign sales from New Hampshire companies rose in June by 2.5 percent, to $212.1 million, adjusted for seasonal variation.

On an annual basis, state companies sold overseas $35 million, or 19.8 percent, more goods than in June of last year. Exports of manufactured goods, which accounted for 82 percent of all state exports, registered $173.9 million in June, adjusted for seasonal variation, which was 7 percent more than in the previous month. That marked the highest level in state exports of manufactured goods since July 2001.

State exports of the volatile non-manufactured goods went down 13.8 percent in June to $38.2 million, adjusted for seasonal variation. In terms of export growth so far this year, New Hampshire ranked 35th among the 50 states in the first half of 2005. In comparison to the first half of 2004, foreign sales from New Hampshire's companies, seasonally adjusted, increased by an annual rate of 9.3 percent compared with an 11 percent average growth for the nation as a whole.

Following monthly gains of 5.3 percent in May, foreign sales from Maine companies fell in June by 1.3 percent to $191.3 million, adjusted for seasonal variation. On an annual basis, state companies sold overseas $7 million, or 3.8 percent, more goods than in June of last year.

Exports of manufactured goods, which accounted for 75 percent of all state exports, registered $143.3 million in June, adjusted for seasonal variation, which was 3.5 percent less than in the previous month.

However, state exports of the volatile non-manufactured goods went up 6.1 percent in June to $48 million, adjusted for seasonal variation. June's foreign sales from Maine's manufacturing plants supported a total of 14,000 factory jobs.

Also, 16,000 additional jobs in wholesale and retail trade, transportation, business services and to a lesser degree utilities, mining and agriculture were linked to exports of manufactured goods in June.


 


  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

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