03/28/2024

California exports dip

California’s export trade dipped in October, according to a Beacon Economics’ analysis of U.S. trade statistics by the U.S. Census Bureau.

Foreign shipments by California businesses totaled $14.82 billion for the month, a nominal 2.6 percent decline from the $15.21 billion recorded in October 2016.

The state’s exports of manufactured goods fell 4.6 percent to $8.87 billion from $9.30 billion one year earlier. Exports of non-manufactured goods (chiefly agricultural products and raw materials) ebbed slightly by 0.4 percent to $2.31 billion from $2.32 billion. Re-exports, meanwhile, rose by 1.7 percent to $3.65 billion from $3.59 billion.

“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,” says Jock O’Connell, Beacon Economics’ 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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