Home Front

A blog about the economy and the Sacramento-area real estate market.

March 13, 2009
Exports crumble

   Hi again. Sorry I've been kind of out of touch lately. If you missed it, I've been busy writing about the Folsom Ponzi scheme. Our latest angle is that when the economy goes bad, the internal workings of the Ponzi creaks to a halt because the flow of new money dries up.

    Anyhow, on to something new: California's export market, which had been one of the mainstays of the state's economy last year, continues to weaken. Our friend Jock O'Connell, an international trade expert in Sacramento, crunched the latest numbers from the US Department of Commerce and found that exports from California dropped nearly 22 percent in January, to $8.66 billion. That's a difference of about $2.4 billion from a year ago.

    Exports of factory goods fell 21 percent. Exports of nonmanufactured goods (mostly farm products) fell 28 percent.

   O'Connell said this represented the third straight monthly decline and reflects the worsening in the global economy.

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