The state’s merchandise export trade last year totaled $174.13 billion, a nominal 3.6% increase over 2013. Even when adjusted for inflation, the totals for 2014 exceeded pre-recession levels. Manufactured exports in 2014 gained a nominal 3.0%, rising to $112.50 billion, while non-manufactured exports (chiefly agricultural products and raw materials) rose 5.0% to $22.69 billion. Re-exports gained 4.5% to $38.94 billion. Additionally, gains in the export and production of manufactured goods have finally translated into new manufacturing jobs in California. “Since hitting bottom in mid-2010, the state has added 23,000 manufacturing jobs––primarily in durable goods manufacturing,” said Beacon Economimcs’ Director of Economic Research Jordan Levine. “While this is positive news it’s important to remember that although we have started adding these jobs, it is still an area in which we critically lag the rest of the nation, where there is a much stronger manufacturing renaissance.”
And unfortunately, the record-making news masked a less encouraging picture as the year ended. December exports totaled $14.73 billion, a nominal increase of just 0.9% over the $14.60 billion in exports recorded in December 2013. In real dollar terms, that apparent gain actually represents a 0.7% decline. Exports of manufactured goods in December saw a nominal 0.3% drop from $9.58 billion to $9.54 billion. Exports of non-manufactured goods took a larger tumble, falling 5.5% from $1.92 billion in December 2013 to $1.81 billion. Re-exports meanwhile rose by 8.7% from $3.11 billion to $3.37 billion. Beacon Economics attributed December’s weak export performance to a dollar which had been growing steadily stronger since last spring, feeble economic growth through much of the world, and logistical bottlenecks at the state’s major seaports.