Manufacturers turn the page on poor 2009 exports

A global recession and small appreciation of the US dollar led to the largest annual decrease in exports at both the district and the national level since export data first became available in 1997. Last year, district and US manufactured exports dropped 18% to $33.7 billion and $916.7 billion, respectively. The average value of the US dollar relative to the Canadian dollar and the euro increased by 7% and 6%, respectively, during 2009 compared with the previous year, which increased the cost of district exports abroad. Exports of durable manufactured goods (products with a useful life of more than three years) make up the three largest export categories in the district: machinery, computer and electronic products, and transportation equipment. Their steep declines were a central factor in the overall drop in manufactured exports as global demand for durable goods fell sharply during the recession.