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RI Foreign Sales Rose to $165 Mil in May

By mdblog - July 17, 2013
  According to  an international trade statistics report from e-forecasting.com,  our state's trade sector appears to be one of the few entities staying afloat. Latest numbers reveal that Rhode Island exports rose 5.9% in May to $164 million month-to-month. Exports are essential to economic growth, as they help sustain thousands of Rhode Island businesses, especially those small to medium sized. Since 2009, Rhode Island has exported products to 184 countries with Canada being the number 1 leading foreign market. The reason for the increase in sales is a mix of new trends and demand in goods by local industries. Providence Business News reports that non-manufactured goods (agricultural goods, mining products, and re-exports)  account for $57.8 million in May, which is a 26.5% increase from April. However, the state's largest merchandise export is waste and scrap, and others include chemicals, metals, and machinery. The International Monetary Fund predicts "that the volume of global trade will grow 3.1 percent in 2013 and then accelerate to 5.4 percent in 2014," says PBN. Additonally, E-forecasting Chief Economist, Evangelos Otto Simos, said that the IMF prediction signifies that, “emerging and developing countries will be driving foreign demand for Rhode Island's exporters contributing to local production and jobs substantially more than the high income industrial countries.”

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