New Hampshire’s August exports fall 1.9%
But looking at 2013 export growth, N.H. still ranked first among the 50 states for the first eight months of this year
The latest trade statistics show that foreign sales by New Hampshire exporting companies fell 1.9 percent in August, following a decrease of 16.5 percent in July. As a result, $331.2 million worth of goods left New Hampshire going to international markets in August.
Exports of manufactured goods accounted for 65 percent of all state exports in August. Shipments abroad from state factories decreased in August by 8.1 percent from the previous month, to $213.9 million. Nevertheless, they were $1.4 million, or 0.6 percent, higher than August 2012.
But, in comparison to last year, New Hampshire exporters sold $60 million, or 22.1 percent, more goods than in August 2012.
Exports of non-manufactured goods (agricultural goods, mining products, and re-exports) rose 12.2 percent in August to $117.3 million.
Nationally, U.S. exports fell in August by 0.2 percent, to $132.4 billion.
Looking at export growth in 2013, New Hampshire ranked first among the 50 states for the first eight months of this year. Compared to the same period in 2012, New Hampshire exports increased by an annual rate of 19.3 percent. Through August, national exports rose 1.2 percent,
In its recently released semiannual World Economic Outlook, the International Monetary Fund notes that global economic growth “is still in low gear."
The IMF projects global economic growth to average 2.9 percent in 2013, following an increase of 3.2 percent in 2012 and 3.9 percent in 2011. In 2014, IMF predicts global economic growth will edge up 3.6 percent, implying that it thinks the world economy will be slightly better off next year.
In the key export markets of the industrial economies that include European economies, Canada, Australia and Japan, the IMF predicts economic growth will average 2 percent in 2014. However, the IMF forecasts emerging and developing economies to grow by an average growth rate of 5.1 percent in 2014.
More important for New Hampshire's exporters, the IMF predicts the volume of international trade will rise 2.9 percent in 2013 and accelerate to 4.9 percent in 2014. But the worldwide trade forecasts compares unfavorably with actual trade growth rates of 12.6 percent in 2010 and 6.1 percent in 2011.
In view of these trends, New Hampshire companies doing business abroad are expected to witness somewhat better levels of export orders from their major foreign markets next year, especially from clients in emerging economies.
Evangelos Simos, chief economist of the consulting and research firm e−forecasting.com, is editor for International Affairs for the Journal of Business Forecasting and professor of economics at the Paul College of Business and Economics at the University of New Hampshire. He can be reached at email@example.com.