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Overseas sales of products made in Nevada increased in November,
despite the fact that national exports precipitously declined, causing a
record U.S. trade deficit.
After having turned down 3.9 percent in October, exports of goods from
Nevada’s companies, adjusted for seasonal variation, leaped $19.9 million,
or 7.4 percent, in November to an all-time high of $288.8 million.
Compared with the same period a year ago, exporting companies from the
Silver State shipped abroad in November $78.5 million, or 37.3 percent, more
goods than in November 2003.
The state-specific international trade numbers for November reflected a
blend of different trends in foreign demand for the state’s major exporting
industries. Exports of manufactured goods — which generate factory jobs —
accounted for 86 percent of all sales aboard. Foreign shipments from
Nevada’s factories soared in November by 16.3 percent from the previous
month to an all-time record of $246.9 million, adjusted for seasonal
variation.
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PENETRATING CHINA’S MARKETS
This is a state ranking of the best and worst states, given exports in the millions of dollars for the first 11 months of 2004, the percent of the total pie and the percent of export growth compared with a year earlier:
1) South Dakota: $26, 3.5,185.7.
2) Hawaii: $33, 8.5, 171.6.
3) Tennessee: $1,151, 7.9, 144.6.
4) Vermont: $84, 2.1, 126.2.
5) North Dakota: $9, 1.0, 82.4
6) Colorado: $337, 5.6, 77.1.
7) Michigan: $545,1.7, 67.5.
8) South Carolina: $420, 3.4, 63.3.
9) Idaho: $153, 5.7, 60.0.
10) Nevada: $36,1.4, 59.5.
* * *
41) Minnesota: $358, 3.2, 5.7.
42) West Virginia: $121, 4.0, 4.3.
43) Utah: 106, 2.5, 3.2.
44) Delaware: $69, 3.7, -2.8.
45) North Carolina: $585, 3.5, -3.6.
46) Washington: $2,822, 9.2, -5.2.
47) Florida: $489, 1.9, -7.4.
48) Arizona: $591, 4.8, -9.4.
49) Wyoming: $13, 2.2, -32.5.
50) Arkansas: $76 , 2.5, -41.4.
Source: infometrica.com
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Looking at the annual trend of exports, sales abroad
from Nevada manufacturers were $77.2 million, or 45.5 percent, higher than
November 2003.
Exports of non-manufactured goods went down 26.1 percent in November to $42
million, also adjusted for seasonal variation. These shipments consists of
agricultural goods, mining products, and re-exports — foreign goods that
entered the state as imports and are exported in substantially the same
condition.
Nationally, exports of goods in November — reported by the Census Bureau on
a seasonally adjusted basis — fell 3.8 percent from October to $66.5
billion, led by steep declines in foreign sales to Canada, Mexico, the Euro
Area and Japan, which combined buy sixty percent of all U.S. exports.
The unexpected decline in exports, combined with an increase in imports,
resulted in an all-time high U.S. trade deficit in November, which generated
discussion on trade policies, the role of the dollar and the future of
American jobs. Among the major trading partners, deficits hit records with
Canada, Korea and Russia; deficits widened with Japan and the European
Union.
Although the largest trade deficit in November was again with China, a
shortfall of $16.6 billion, it improved in November. In times of record
negative economic numbers, the media, politicians and businesses need a
scapegoat. Again, China-bashing was the choice.
Should we blame China for stealing Nevada jobs?
Since Deng Xiaoping introduced market reforms two decades ago, the Chinese
economy has grown at an astonishing average rate of 9.3 percent per year,
about three times faster than our economy. As a result, the world’s most
populous country has also become an enormous economic market.
Using the World Bank’s measure of gross domestic product, China is second
only to the United States with a 12.4 percent share of the world’s GDP.
China is the most dynamic large economy in the world and its markets are
booming. It has become an export power and the world’s biggest market for
high-ticket consumer goods like cars, appliances and telecom equipment. If
the growth continues, in about a decade China will be the world’s largest
economy.
Under this global economic environment, China’s vigorous demand for raw
materials, parts and manufacturing goods should be welcomed. In 1999, China
ranked as the sixth market for exports from the European Union and was the
twelfth largest destination of U.S. goods. Just four years later, China
moved into third place as a market for exports from the European Union and
it ranked the sixth largest destination of all U.S. exports.
Demand for US made goods from China grew two times faster than demand from
all other countries combined.
As of November 2004, China was the fifth largest destination of all U.S.
exports behind Canada, Mexico, Japan and the United Kingdom.
Consumers and businesses from the world’s second-largest economy bought
$35.6 million of goods made in Nevada in the first eleven months of this
year.
Looking at the global marketing efforts of state exporting companies to
penetrate the fast growing Chinese markets, the Silver State ranked tenth
among the fifty states in 2004.
Compared with the same period of last year, January to November of 2003,
exports to China from Nevada increased by 59.5 percent. At the same time,
worldwide exports from Nevada rose 39.9 percent.
Therefore, China is an important and vital export market for Nevada’s
companies.
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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 © 2005 The Reno Gazette-Journal
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