Despite headwinds on multiple fronts, California’s export trade sector rang up a record-high total for the month of October.
In-state businesses shipped merchandise valued at $15.53 billion that month, topping the year-ago total of $15.35 billion, which was the all-time record for October.
However, Beacon Economics, the consulting firm that breaks down California’s export totals from U.S. Commerce Department figures, said the year-over-year 1.2 percent gain actually amounted to “a very slight decline” when adjusted for inflation.
Beacon cited various factors slowing export growth. They included increasingly adverse economic conditions abroad, congestion at California’s major seaports and in-state drought conditions that have impacted agricultural shipments.
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Year-over-year state exports of non-manufactured goods – chiefly agricultural produce and raw materials – were virtually flat: $2.37 billion in October, compared with $2.35 billion in October 2013.
Still, California remains on track to break last year’s all-time record for exports, $168.13 billion, in a calendar year. Beacon said shipments through October this year had a value of $144.51 billion, 4.5 percent ahead of $138.31 billion amassed in the year-ago period.
Call The Bee’s Mark Glover, (916) 321-1184.