California to set new record for exports in 2011
California’s exporters are expected to have a record year in 2011, surpassing the old mark set during 2008.
With December numbers still to be tallied, the state exported another $14.07 billion in goods in November, according to Beacon Economics’ monthly California Trade Report. That was a gain of 12.7% over the same month the previous year, the report said. It also brought the 2011 total to $145.81 billion.
“Even in inflation-adjusted terms, 2011 will easily turn out to be the best year ever for California’s export trade,” said Jock O’Connell, Beacon Economics’ International Trade Advisor. Beacon Economics uses U.S. Commerce Department trade numbers to reach its findings.
November also marked the 25th consecutive month in which California’s export numbers improved compared with the same month a year earlier, the report said.
Exports of goods manufactured in California rose 9.6% to $8.57 billion compared with a year earlier. Exports of “non-manufactured goods,” such as raw materials and agricultural products, rose 16.3% in November to $2.14 billion compared with the same month a year earlier, the report said.
California’s prowess as host to three of the nation’s busiest seaports and two of its busiest international air freight terminals was also evident in November. California’s trade gateways also handled $3.36 billion in so-called “reexports” that originated from outside of the state, an increase of 18.7%.
“Much of the momentum behind California’s economy can be traced back to the state’s resurgent export sectors,” said Christopher Thornberg, Beacon Economics’ founding partner.
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