The rising value of the U.S. dollar is dampening export sales for some New York State businesses, particularly factories, according to two surveys released last week.
The Federal Reserve Bank of New York reported Friday that more than three in 10 manufacturers said their exports had declined in the past year because of the stronger U.S. dollar. About two in 10 service firms reported a similar drop in sales to foreign customers.
The same ratio of each group predicted their sales to foreign customers would decline next year as the dollar's value continues to rise.
Earlier this month the New York Fed surveyed about 100 manufacturers across the state and about 100 retailers and other service firms in the metropolitan area.
Both groups said they were more concerned about the falling value of the euro against the U.S. dollar than declines of the Chinese yuan, Canadian dollar, Japanese yen or Mexican peso.
"Half of the service firms and 72 percent of the manufacturers in our panel reported that at least some revenues came from abroad," the bank said.
Manufacturers, on average, said roughly 10 percent of their revenues came from exports, down from 14 percent in the bank's January 2015 survey.
Service firms, on average, said 8 percent of their revenues came from foreign customers in the past year -- unchanged from the bank's January poll.