Page2C - THE CHARLOTTE POST - Thursday, September 27,1990
Mideast Receives 5 Percent Of N. C. Exports
North Carolina exports to 17 Middle East countries
totaled $202 million In the first half of 1990, accord
ing to figures compiled as part of the First Wachovia
North Carolina World Trade Index. These exports
amounted to 5.1 percent of North Carolina's exports
during the period.
Exports to the region were down 7.8 percent from
the first hadf of 1989, when the Middle Elast received
6.8 percent of North Carolina exports.
The largest Middle East purchasers of North Car
olina products In the first half of 1990 were Saudi
Arabia, $74.9 million, the United Arab Emirates,
$66.6 million, and Turkey, $36.3 million. Purchases
by Kuwait totaled $6.8 million and by Iraq, $2.5 mil
lion.
Most North Carolina Industries experienced a de
cline In exports to the Middle East during the peri
od, which preceded the current confrontation In the
Persian Gulf. Manufactured tobacco product ex
ports, however. Increased 31.1 percent to $93.9 mil
lion.
Other Industries showed significant declines In
exports to the Middle East. Electronic and electrical
equipment exports were down 39.6 percent to $16.7
million. Ebqjorts of Industrial machinery and equlp-
mertt. Including computers, were down 56.3 percent
to $14.3 million. North Carolina exports of chemi
cals and allied products were down 66.9 percent to
$9 minion.
Professor Edward W. Erickson, director of the
Center for Economic and Business Studies at North
Carolina State University, said; "A likely explana
tion for the drop In exports Is the softening of petro
leum prices In the second quarter. Revenues to Sau
di Arabia and other oil exporters were down,
resulting In a decline In Imports by these coun
tries."
The countries Included In the trade study were
Saudi Arabia, Turkey, the United Arab Emirates,
Kuwait, Egypt, Qatar, Oman, Lebanon, Iraq, Jordan,
Bahrain, S^a, the two Yemans, Iran, Israel and
Libya. International trade activity In North Carolina
rose 32.1 percent In the second quarter of 1990
compared to the same period a year ago, according
to First Wachovia North Carolina World Trade In
dex. Second quarter trade totaled $3.9 billion. For
the first half of the year trade totaled $7.6 billion, up
30.5 percent from the first half of 1989.
Second Quarter Trade Rises
North Carolina exports were l$2.0l bfillon tn the
second quarter, up 31 percent from a year ago. Man
ufactured exports totaled $1,78 billion; non-
manufactured exports were $237 mlUton. Manufac
tured exports rose 24.7 percent; non-manufactured
exports more than doubled,.
Imports In the quarter were estimated at $1,85 bil
lion, compared with $1,39 billion in the 1989 period.
The state had an estimated trade surplus of $167
million for the quarter and $206 million for the first
two quarters.
The value of the dollar in the second quarter was
0.8 percent lower than m the previous quarter and
2.9 percent lower than, a year ago; according to an
Index baaedon North Carolina export'trade. The de
cline was less than that of a Federal Reserve Board
Index of the dollar's value based on al) trade of major
industrialized eountriea. thawndex waa down 1.6
percent jfrom the first quarter and 8,1 percent from a
yearago. ' , '
"North Camhna continuea to have robust bade ac-
tlvl^ that goes far beyond the boost the state's' ex
ports are getting from the declining value of the dol
lar," said Janice H. Faulkner, president of the North
Carolina World trade Association, "Industries in the
state are producing the right products at the right
time and are finding the rl^t export markets for
them."
Highlights of North Carolina trade in the second
quarter compared to the same period a year ago
follow; , ^ , 5
• Exports of industrial 'maid^ety and equipment,
including computers, frcreasi^ 17,2 percent.
• Manufactured tqb'ac*^'tPtobrts .rose 42,2 per
cent - ' '
Agricultural'ero^«t{wtsryere up8^t.6 percent'
Textile mlU product''4^p)^ increased 37,1 per-
• Exports to Eastem^iuj^'Were up,6,8 percent
to $5.3 mlIllon,"1fugQ^a^ i^d Romania bought
more from Ndrih' e^tf exports to CSzech*
oslovaWa, Bulgaria^'i^cf^taid dfeclfaiedi^^',
The First WacihovlaJl%th;5^lina Wpuld Trade
Index is based on,U.Sfl'3Umm«Ge Department data
and estimates by The^enter, tor Economic and
Business Studies at N.fiL^te.fJnJversltj!'; First Wa
chovia publishes association
with the univer^ and World Trade Asso
ciation. ' " ' 'f'Vr- - ' ^ ,
QTR
INDEX
1
100.0
2
107.8
3
106.8
4
117.9
YEAR
QTR
INDEX
1
115.1
2
123.3
3
128.9
4
138.0
YEAR
QTR
INDEX
1
140.4
2
141.4
3
143.2
4
163.4
YEAR
INDEX
1 181.0
2 186.8
YEAR TO DATE
YEAR=1987
EXPORTS
IMPORTS
BALANCE
997.7
1067.3
-69.6
1096.2
1130.1
-33.9
1031.9
1173.2
-141.3
1340.1 •
1093.9
246.2
4465.9
4464.5
1.4
YEAR=1988
EXPORTS
IMPORTS
BALANCE
1276.8
1100.5
176.3
1254.8
1290.5
'35.7
1338.0
1323.4
14.6
1503.3
1345.8
157.5
5372.9
5060.2
312.7
YEAR=1989
EXPORTS
IMPORTS
BALANCE
1610.4
1289.7
320,7
1535.7
1385.1
150.6
1586.0 .
1370.9
215.1
1839.1
1535.4
303.7
6571.2
5581.1
990.1
YEAR=1990
EXPORTS
IMPORTS
BALANCE
1888.3
1849.7
38.6
2012.4
1845.4
167.0
3900.6
3695.1
205.5
IMPORTS AND BALANCE ESTIMATED AFTER 1988
EXCHANGE RATE CHANGES FOR SELECTED CATEGORIES
OF TRADE (EXCH RATE - VALUE Of THE DOLLAR)
US
TOTAL
NC EXP
NCEXP
NC EXP
NC EXP
(FRB UTS)
TOTAL
APPAREL
TEXT.
MFC TOBAC
1985
91.3
96.6
98.0
96.7
96.9
1986
71.7
85.5
92.4
89.3
81.9
1
1987
62.8 •
79.4
93,0
86.1
75.7
!
1988
61.0
75.3
91.4
81.0
72.5
1989
65.4
77.5
88.4
82.4
76.7
1990Q1
62.2
76.S
89.0
81.5
78.1
1
1990Q2
61.2
76.2
88.4
81.1
79.1
'r
EXCH RATE INDEX WITH
BASE=100
IN QTR
1, 1985
f
1
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