June 4, 2014
California’s exporters turned in another formidable performance in April, according to a Beacon Economics’ analysis of foreign trade data released this morning by the U.S. Commerce Department.
For the month of April, the state’s merchandise export trade totaled $14.09 billion, up 7.8% from the $13.07 billion in exports recorded in April 2013.
California’s exports of manufactured goods jumped by 11% in April, increasing to $9.41 billion from $8.48 billion in April of last year. Foreign shipments by the state’s aerospace industry sector continued to surge.
“Our exports of aerospace products now exceed our exports of computer equipment,” said Jock O’Connell, Beacon Economics’ International Trade Adviser.”
Overall, California’s growth rate eclipsed the U.S. growth rate of 2.8%—as products that the state produces are in high demand in today’s global economy.
April’s U.S. number did come with a disappointing twist however: Despite export growth, the trade deficit widened sharply with a 6% growth in imports. “This is not too surprising given that the U.S. economy is one of the bright lights for growth in the world right now,” said Beacon Economics’ Founding Partner Christopher Thornberg. “ But with the US dollar still 25% cheaper in real terms than it was one decade ago, we expect exports to again grow faster than imports by the end of the year.”
Meanwhile, the state’s exports of non-manufactured goods (chiefly agricultural produce and raw materials) in April totaled $1.81 billion, up 19.1% from $1.52 billion in April 2013. Re-exports, however, declined by 6.7% to $2.87 billion from $3.08 billion.