The worldwide recession caused the value of Louisiana’s exports to fall by nearly $7 billion, or 31.6%, during the first six months of the year. Louisiana’s total export shipments through June were valued at $15 billion, according to a report released today by the World Trade Center of New Orleans. That compares with the nearly $22 billion in exports through the first six months of 2008, a record year for Louisiana exports. Declining oil prices and a drop in drilling activity worldwide hit the state hard; the values of petroleum and coal related exports were down by nearly 54%, from $5.5 billion to $2.6 billion. The value of all U.S. exports was down 24.6% during the first six months, from nearly $661 billion to $498 billion. One bright spot for the state: exports with China, Louisiana’s biggest trading partner, were up 48%, to $2.3 billion.
Value of state exports down by nearly $7 billion
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