CBIA: Global slowdown has affected CT exporters

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An economic slowdown among Connecticut’s vital international trade partners has impacted 62 percent of Connecticut exporters, according to a survey by the Connecticut Business & Industry Association.

Just under half of the 140 companies surveyed said they have seen reduced orders for exported goods, while 23 percent reported difficulty in pricing their export products because of exchange-rate volatility.

But one-third of companies said the slowdown has not affected them, and five percent reported an increase in orders.

The survey, sponsored by the state Department of Community and Economic Development and the U.S. Department of Commerce, was the second of its kinds since 2007.

It also uncovered an ongoing shift in where Connecticut companies are selling their goods.

The most common destination for respondents’ exports is Western Europe (official federal data from 2014 said France was the top destination).

In the next three years, only 13 percent of respondents anticipate the majority of their exports to be bound for Canada or Mexico. Today, 26 percent of companies sell the majority of their exports in North America.

Northern Asia is expected to become a more common export destination by 2018.

CBIA also asked companies for their thoughts on the Trans-Pacific Partnership — a trade agreement that has become controversial for the secrecy surrounding negotiations as well as some details that have been leaked.

Nearly 80 percent responded that they believe the TPP would benefit their businesses.

The survey’s margin of error was +/- 8.45 percent.

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