Weakening economies abroad and a strong dollar were among the factors experts cited Wednesday that put a dent in California export trade’s momentum in November, experts said Wednesday.
California businesses shipped merchandise valued at $14.89 billion in November, down about 2.2 percent from the year-ago November total of $15.22 billion, according to Beacon Economics, the consulting firm that breaks down California’s export totals from U.S. Commerce Department figures.
“In these numbers, we see the mingled effects of a strong dollar (making U.S. goods more costly for buyers abroad), weak overseas demand, a prolonged drought and congestion at the state’s major seaports,” said Jock O’Connell, Beacon’s international trade adviser.
Beacon said exports of manufactured goods declined 2.8 percent, from $9.63 billion to $9.36 billion, year over year. Shipments of non-manufactured goods – chiefly agricultural produce and raw materials – fell about 12.5 percent, from $2.45 billion to $2.14 billion. Re-exports meanwhile rose nearly 8 percent, from $3.14 billion to $3.38 billion.
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Despite November’s dip, 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 November this year had a value of $159.4 billion, 3.8 percent ahead of $153.53 billion amassed in the year-ago period.
Call The Bee’s Mark Glover, (916) 321-1184.