Top Providence, R.I. Trading Partners

Top US Trading Partners

Providence, R.I.’s trade increases 3.92 percent through March

Providence, R.I.’s trade with the world rose to $1,934,398,416 through the first three months of 2012, according to a WorldCity analysis of the latest U.S. Census Bureau data. That’s 3.92 percent increases the Customs district’s total trade during the same time period last year. The district’s exports increased 20.16 percent while imports rose 3.22 percent.

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

Taking a closer look at the leading trade partners with Providence, R.I.:

• No.1 Germany’s trade rose 6.14 percent to $788,160,372.
  Exports fell -71.55 percent to $384,235. Imports rose 6.28 percent to $787,776,137.
• No.2 Canada’s trade fell -33.58 percent to $275,414,188.
  Exports rose 827.47 percent to $686,724. Imports fell -33.73 percent to $274,727,464.
• No.3 Mexico’s trade rose 33.35 percent to $209,274,124.
  Exports rose to $74,700. The total for the comparable period in 2011 was $0 so a percentage cannot be calculated. Imports rose 33.30 percent to $209,199,424.
• No.4 Japan’s trade rose 25.46 percent to $122,336,592.
  Exports fell to $0. The total for the comparable period in 2011 was $0 so a percentage cannot be calculated. Imports rose 25.46 percent to $122,336,592.
• No.5 United Kingdom’s trade rose 837.49 percent to $108,324,865.
  Exports fell to $0. The total for the comparable period in 2011 was $0 so a percentage cannot be calculated. Imports rose 837.49 percent to $108,324,865.

Providence, R.I.’s top five trading partners through March accounted for 77.72 percent of its trade with the world. The U.S. average for the same period was 52.49 percent.

Providence, R.I. had trade surpluses with 4 countries and deficits with 36 through March. That compares with 12 surpluses and 37 deficits for the same period one year earlier. The top three surpluses through March of this year were with Turkey, $77,182,920; Benin, $11,505,400; and Nigeria, $1,665,602. The top three deficits were with Germany ($787,391,902), Canada ($274,040,740) and Mexico ($209,124,724).

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.

Providence, R.I.’s top five exports by value through March were scrap iron, steel; motor vehicles for transporting people; misc. dead animal products; tractors; and motor vehicle parts, in that order. Those accounted for 99.89 percent of its total outbound trade. The value of the district’s top five imports, motor vehicles for transporting people, oil, not crude, petroleum gases, other gaseous hydrocarbons and corrective lens, goggles, protective eyewearimitation jewelry and , accounted for 95.18 percent of all inbound shipments.

Looking more closely at Providence, R.I. exports:

• Scrap iron, steel rose 59.53 percent compared to last year to $77,182,920.
• Motor vehicles for transporting people fell -24.66 percent compared to last year to $14,782,471.
• Misc. dead animal products rose compared to last year to $631,382. The total for the comparable period in 2011 was $0 so a percentage cannot be calculated.
• Tractors rose 70.22 percent compared to last year to $231,500.
• Motor vehicle parts fell -97.44 percent compared to last year to $46,955.

On the import side:

• Motor vehicles for transporting people rose 12.57 percent compared to last year to $1,215,652,443.
• Oil, not crude fell -14.08 percent compared to last year to $447,472,038.
• Petroleum gases, other gaseous hydrocarbons rose 12.65 percent compared to last year to $52,632,511.
• Corrective lens, goggles, protective eyewear fell -26.72 percent compared to last year to $19,082,947.
• Imitation jewelry fell -5.36 percent compared to last year to $17,913,348.

Last year the Providence, R.I. district posted total trade with the world of $7,379,881,926. The district’s deficit was $-6,650,278,846. At year end, the region’s top five partners were Germany, Canada, Mexico, United Kingdom and Japan. Exports totaled $364,801,540 and imports came to $7,015,080,386.