Jones Lang LaSalle

State makes, the world takes
Wednesday, February 15, 2006

By HUGH R. MORLEY
STAFF WRITER


Exports of New Jersey goods increased by 9.8 percent to a record $21 billion in 2005.

Canada remained the top recipient of New Jersey goods, followed by the United Kingdom, Germany, Japan and Mexico, according to federal data analyzed by the World Institute for Strategic Economic Research.

The value of goods imported into New York ports also increased, rising 7.5 percent to $246 billion, the organization said. Most of those goods come into ports in Newark, Jersey City and Elizabeth.

Canada was the largest importer. China was second with a 24 percent hike in exports to New Jersey - the biggest increase of any country in the top 20 importers. After China, the next biggest importers were Japan, Germany and the United Kingdom.

James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, said the exports were helped by the weak dollar and a stronger world economy.

"Exports are dependent on overseas demand, so those are boosted usually when we have strong economic growth in Canada, Japan and Europe," he said. A weak dollar makes New Jersey goods cheaper for foreign buyers, he said.

Precious metals and stones was the largest category of exports by dollar value, at $2.5 billion. Industrial machinery and computers came next, followed by electrical goods, optical and medical equipment and plastics.

Mineral oil and fuel was the largest category of imports, followed by precious metal and stones. Third was vehicles.