The value of California’s merchandise export trade declined in March, falling 2.9% from the same month last year, according to a Beacon Economics analysis of foreign trade data released this morning by the U.S. Commerce Department.
The state’s exports of goods to foreign markets in March totaled $14.98 billion, down from the $15.43 billion recorded in March 2014. By way of comparison, total U.S. exports of goods saw a 6.1% decline over the same period, while exports from Texas plunged by 12.1%.
California’s exports of manufactured goods fell by 5.8% from $10.29 billion to $9.70 billion. However, exports of non-manufactured goods (chiefly agricultural produce and raw materials) rose by 4.4%, from $1.93 billion in March 2014 to $2.02 billion. Re-exports meanwhile edged ahead by 1.9% from $3.20 billion to $3.26 billion.
“Given that February saw a nearly 9% falloff in California’s merchandise exports, an optimist could interpret March’s much smaller decline as a rebound in trade,” said Jock O’Connell, Beacon Economics’ International Trade Adviser. “Farm exports showed an especially strong recovery,” O’Connell said. He points to industry reports indicating that foreign shipments of almonds (California’s leading agricultural export) jumped by 42.0% over last March, while walnut exports surged by 77.2%.