Top Norfolk Trading Partners

Top US Trading Partners

Norfolk’s trade increases 14.02 percent through March

Norfolk’s trade with the world rose to $13,487,023,667 through the first three months of 2012, according to a WorldCity analysis of the latest U.S. Census Bureau data. That’s 14.02 percent increases the Customs district’s total trade during the same time period last year. The district’s exports increased 13.44 percent while imports rose 14.57 percent.

Through March the district’s top trade partners were No. 1 China, No. 2 Germany, No. 3 Japan, No. 4 Brazil and No. 5 India. Through the first three months of the last year, top five spots were held by China, Germany, Japan, Brazil and United Kingdom, respectively.

Taking a closer look at the leading trade partners with Norfolk:

• No.1 China’s trade rose 12.24 percent to $2,109,069,860.
  Exports rose 35.39 percent to $732,724,435. Imports rose 2.87 percent to $1,376,345,425.
• No.2 Germany’s trade rose 13.13 percent to $1,244,228,450.
  Exports rose 7.78 percent to $551,135,751. Imports rose 17.77 percent to $693,092,699.
• No.3 Japan’s trade rose 40.83 percent to $1,049,804,127.
  Exports rose 32.10 percent to $261,658,934. Imports rose 43.99 percent to $788,145,193.
• No.4 Brazil’s trade rose 21.03 percent to $818,201,212.
  Exports rose 30.62 percent to $436,620,106. Imports rose 11.65 percent to $381,581,106.
• No.5 India’s trade rose 17.70 percent to $575,883,854.
  Exports rose 23.32 percent to $196,367,164. Imports rose 14.99 percent to $379,516,690.

Norfolk’s top five trading partners through March accounted for 42.98 percent of its trade with the world. The U.S. average for the same period was 52.49 percent.

Norfolk had trade surpluses with 130 countries and deficits with 53 through March. That compares with 123 surpluses and 59 deficits for the same period one year earlier. The top three surpluses through March of this year were with Belgium, $272,735,636; Netherlands, $237,535,855; and United Kingdom, $225,286,210. The top three deficits were with China ($643,620,990), Japan ($526,486,259) and Singapore ($379,067,726).

Meanwhile, total U.S. trade increased to $934,379,177,983, up 8.63 percent compared to the same period last year. The nation’s exports climbed 3.54 percent to $30,467,217,700 as imports rose 5.09 percent to $43,800,507,934. The nation’s top five trade districts so far this year, by value, are New York City, Los Angeles, Houston, Detroit and Laredo. The overall trade deficit was $-171,264,242,143, up compared to the same period of last year when the deficit was $-157,930,951,909.

Norfolk’s top five exports by value through March were human blood, animal blood, plasma, vaccines; raw tobacco; soybeans, whether broken or not; motor vehicle parts; and nonelectric rail locomotives, tenders, in that order. Those accounted for 16.34 percent of its total outbound trade. The value of the district’s top five imports, printers, all types, parts, motor vehicle parts, motor vehicles for transporting people and rubberraw tobacco and , accounted for 21.93 percent of all inbound shipments.

Looking more closely at Norfolk exports:

• Human blood, animal blood, plasma, vaccines rose 52.04 percent compared to last year to $360,489,707.
• Raw tobacco rose 13.55 percent compared to last year to $274,532,546.
• Soybeans, whether broken or not rose 17.69 percent compared to last year to $166,475,950.
• Motor vehicle parts rose 36.57 percent compared to last year to $151,811,723.
• Nonelectric rail locomotives, tenders rose 4,871.84 percent compared to last year to $128,364,795.

On the import side:

• Printers, all types, parts rose 536.98 percent compared to last year to $451,619,881.
• Motor vehicle parts rose 32.88 percent compared to last year to $377,439,010.
• Motor vehicles for transporting people rose 46.42 percent compared to last year to $290,872,043.
• Rubber fell -7.09 percent compared to last year to $209,868,898.
• Raw tobacco rose 35.44 percent compared to last year to $176,131,069.

Last year the Norfolk district posted total trade with the world of $49,842,540,736. The district’s deficit was $-1,241,050,644. At year end, the region’s top five partners were China, Germany, Japan, Brazil and India. Exports totaled $24,300,745,046 and imports came to $25,541,795,690.