State exports decline with dip in demand in China

Louisiana’s worldwide exports declined 4.9% in the first quarter of 2012 compared to the same period in 2011, in part because of weaker demand in Asia, reports the World Trade Center of New Orleans today. The overall value of Louisiana’s exports totaled $14.25 billion, down from $14.98 billion in the state’s record-setting first quarter of 2011. The state’s principal export markets for the first quarter were China at $2.31 billion, down by 2%; Mexico at $1.42 billion, down by 10.7%; and Japan at $932 million, up by 7%. Exports for all 50 states and Puerto Rico, the U.S. Virgin Islands and the District of Columbia totaled $381.5 billion, an 8.68% increase over the same period in 2011. Louisiana ranked 7th among U.S. states, with Texas topping the list at $64.78 billion, followed by California, New York, Washington, Illinois, and Florida. Louisiana’s strongest industry sectors for the quarter were petroleum and coal products at $4.76 billion, up by 11.39%; chemicals at $2 billion, up by 7.89%; and machinery at $354.5 million, up by 46.6%. Louisiana ports registered a decline of 6.28% in vessel weight and a very slight decline in dollar value of exports, compared to 2011.