An up-and-down year in California export trade continued in October, with Golden State businesses shipping merchandise valued at $14.82 billion, down 2.6 percent from $15.21 billion in October last year.
The state figures were based on Los Angeles-based Beacon Economics’ analysis of U.S. trade statistics released by the U.S. Census Bureau.
Analysts cited a drop-off in one export sector, which dragged down otherwise solid numbers.
“An abrupt but likely temporary fall-off in aerospace shipments, especially to Taiwan and the United Kingdom, propelled the downward movement in October’s export trade,” said Jock O’Connell, Beacon’s international trade adviser. “Aerospace exports have historically fluctuated, often wildly, from month to month, and so this one month drop should not be a matter of lasting concern.”
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Year-over-year, Beacon said the state’s exports of manufactured goods fell 4.6 percent, to $8.87 billion from $9.3 billion. Exports of non-manufactured goods – chiefly agricultural products and raw materials – were virtually unchanged from last year’s $2.32 billion. Re-exports rose 1.7 percent to $3.65 billion from $3.59 billion.
California accounted for nearly 11 percent of the nation’s overall merchandise export trade in October. Through 10 months of 2017, state exports are running 4.5 percent ahead of last year.
California imported merchandise valued at $39.72 billion in October, up 5.2 percent from $37.76 billion in October 2016.
Some goods entering California go to other states, so exports are considered a more accurate measure of the state’s trade health than imports.