The value of exports from Louisiana fell 29 percent during the first two months of this year as the deepening global recession began to take its toll, the Times-Picayune reported.
According to figures released by the World Trade Center of New Orleans, US$5.3 billion worth of exports were shipped out of Louisiana during January and February, down from $7.5 billion during the same two-month stretch in 2008.
"The state enjoyed record-breaking export growth last year, but the lag effect in what was taking place globally toward the end of the year is now reflected in these early-2009 results," said Larry Collins, director of international services with Louisiana Economic Development.
The global recession wasn't the only factor dampening the value of the state's exports. Falling agriculture and oil prices were also to blame.
And while the value of the state's exports declined, so did the volume. The total vessel weight for Louisiana's exports fell 18 percent.
The state's principal export markets for the first two months of 2009 were China, Japan and Mexico. The top commodities exported from Louisiana were oil seeds and miscellaneous grains; mineral fuels; cereals; and organic chemicals. |
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Source: cargonewsasia
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