NEW: RI Exports Continue to Grow at Record Pace
Tuesday, March 12, 2013
Rhode Island is one of 29 states recognized by the U.S. Department of Commerce’s International Trade Administration as having achieved record export growth in 2012. Rhode Island recorded 4.1 percent growth from 2011 to 2012, totaling $2.4 billion in total export value.
RI’s overall growth rate over the past 3 years is 60 percent, significantly outpacing overall U.S. increases over that time period. Exports are a considerable driver of job growth, as it has been estimated that one job is created for every $200,000 in exports.
“I am encouraged to see another year of positive growth for Rhode Island exports,” Governor Chafee said. “Rhode Island businesses continue to find new markets for their goods and new opportunities overseas, and my administration will continue to work with public and private sector partners to organize trade missions and promote Rhode Island goods and businesses abroad.”
The growth in exports has continued into 2013, with January figures showing a 26.75 percent increase in exports during that month.
“Export development is critical for job creation in Rhode Island,” said Ray Fogarty, Director of the Chafee Center, Bryant University’s International Business Center.
In 2012, the greatest growth occurred among exports of chemicals, machinery, computer electronics, and textiles; exports of these products were up 10-14 percent. The only sector experiencing lower value growth was scrap and waste, where tonnage shipped remained steady but the overall market value of materials declined.
“We see remarkable and innovative Rhode Island products and services going all over the globe every single day”, said Katherine Therieau, Director of International Trade for the Rhode Island Economic Development Corporation. “Exports indeed are a key driver of the Rhode Island economy and so beneficial to our companies’ bottom lines.”
Rhode Island trade missions to Japan, Canada, the Dominican Republic, Israel, and Panama have taken place under the Chafee Administration, with preliminary estimates of $11 million in projected new sales and 125 serious business leads resulting from these missions – and another $5 million in projected new sales from assisting companies with international trade shows.
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