Exports of essential oils in New Jersey and effects of income, and exchange rates.
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Zhechen Lu
College:
Business
Major:
Economics
Faculty Research Advisor(s):
Nazif Durmaz
Abstract:
The international economy is being incorporated in the age of globalization, with economic globalization emerging as the main tendency. Within the context of New Jersey, its economy is influenced by both the United States and the global economic landscape. This study focuses on the relationships between the US dollar exchange rate with the EU euro, the EPI, the GDP, and the essential oil exports in New Jersey. The raw data of exports which range from 2004 to 2023 in quarterly time series, downloaded from the United States Department of Agriculture (USDA) - Foreign Agricultural Service, and other economic indicators from Federal Reserve Economic Data. By using regression analysis methodology, there is a clearer relationship between the dependent variables and the three independent variables. The hypothesis posits that there exists a positive correlation between the export rate, either the domestic GDP and EPI, and a negative relationship with the US-EU exchange rate. This article covers an important gap in the connection between economic variables and New Jersey's exports of essential oil.