Statistics
Despite important medical exports, Boston's $31.6 billion in annual trade is dependent on imports
March 15th, 2006
Boston’s importance as a biotech and medical hub is readily apparent in its annual trade statistics: Five of the Boston Customs District’s top 10 exports are medical-related.
But a jump in imports is what pushed Boston’s trade up more than 9 percent in 2005, to total a record $31.6 billion.
| 2005 | 2004 | Total Trade | 2005 | 2004 | Dollar Change | Percent Change |
|---|---|---|---|---|---|---|
| .World Total | $31,619,551,030 | $28,961,173,260 | $2,658,377,770 | 9.18% | ||
| 1 | 2 | Canada | $3,589,768,470 | $2,880,265,933 | $709,502,537 | 24.63% |
| 2 | 3 | Netherlands | $3,388,282,819 | $2,675,733,077 | $712,549,742 | 26.63% |
| 3 | 1 | Germany | $3,048,101,565 | $3,406,471,481 | ($358,369,916) | -10.52% |
| 4 | 4 | China | $2,964,424,086 | $2,468,828,254 | $495,595,832 | 20.07% |
| 5 | 5 | Ireland | $2,114,818,631 | $2,455,168,017 | ($340,349,386) | -13.86% |
| 6 | 6 | United Kingdom | $1,990,552,901 | $1,710,223,404 | $280,329,497 | 16.39% |
| 7 | 8 | Sweden | $1,179,221,107 | $1,234,479,023 | ($55,257,916) | -4.48% |
| 8 | 7 | France | $1,087,932,351 | $1,442,735,747 | ($354,803,396) | -24.59% |
| 9 | 11 | Trinidad and Tobago | $1,049,240,925 | $804,967,902 | $244,273,023 | 30.35% |
| 10 | 9 | Japan | $970,072,332 | $991,243,517 | ($21,171,185) | -2.14% |
| 11 | 16 | Thailand | $869,587,172 | $459,012,441 | $410,574,731 | 89.45% |
| 12 | 10 | Italy | $849,804,549 | $842,744,228 | $7,060,321 | 0.84% |
| 13 | 13 | Venezuela | $807,565,895 | $539,560,428 | $268,005,467 | 49.67% |
| 14 | 12 | Switzerland | $622,771,557 | $558,221,351 | $64,550,206 | 11.56% |
| 15 | 18 | Belgium | $596,452,981 | $384,156,967 | $212,296,014 | 55.26% |
| 16 | 14 | Malaysia | $492,762,457 | $514,189,774 | ($21,427,317) | -4.17% |
| 17 | 15 | Taiwan | $475,089,125 | $484,842,966 | ($9,753,841) | -2.01% |
| 18 | 19 | Hong Kong | $379,340,770 | $364,236,892 | $15,103,878 | 4.15% |
| 19 | 17 | Singapore | $366,761,751 | $396,041,803 | ($29,280,052) | -7.39% |
| 20 | 21 | Peru | $316,676,333 | $232,778,934 | $83,897,399 | 36.04% |
| 21 | 20 | South Korea | $260,152,401 | $276,962,321 | ($16,809,920) | -6.07% |
| 22 | 26 | India | $251,722,346 | $180,361,966 | $71,360,380 | 39.57% |
| 23 | 33 | Colombia | $251,719,910 | $134,799,130 | $116,920,780 | 86.74% |
| 24 | 25 | Indonesia | $247,761,920 | $200,318,779 | $47,443,141 | 23.68% |
| 25 | 23 | Israel | $240,335,984 | $221,410,229 | $18,925,755 | 8.55% |
Exports rose 1.8 percent, ending the year just under $10 billion, according to WorldCity analysis of U.S. Census Bureau trade statistics. But imports gained by nearly 13 percent, led by large increases in the value of refined petroleum products, natural gas and other energy imports. Combined, the energy shipments totaled more than $5.7 billion.
Boston imports of electric equipment for the telecommunications industry also posted a big jump-of more than 300 percent-to end the year at more than $465 million.
Top Imports, 2005
| 2005 | 2004 | Dollar Change | Percent Change | |
|---|---|---|---|---|
| Total, All Commodities | $21,686,562,329 | $19,206,680,599 | $2,479,881,730 | 12.91% |
| Oil, not crude | $4,762,931,238 | $3,619,102,524 | $1,143,828,714 | 31.61% |
| Medical instruments for surgeons, dentists, vets | $1,979,700,850 | $2,212,835,221 | ($233,134,371) | -10.54% |
| Petroleum gases, other gaseous hydrocarbons | $1,006,995,139 | $796,803,087 | $210,192,052 | 26.38% |
| Imports of returned exports | $759,461,603 | $548,009,207 | $211,452,396 | 38.59% |
| Footware, sole of rubber, plastic or leather; upper leather | $633,131,410 | $684,145,292 | ($51,013,882) | -7.46% |
| Hormones and steroids used as hormones | $481,878,177 | $518,692,958 | ($36,814,781) | -7.10% |
| Fish fillets, chilled or frozen | $478,652,042 | $410,583,372 | $68,068,670 | 16.58% |
| Medicine | $466,594,799 | $655,407,341 | ($188,812,542) | -28.81% |
| Electric equipment for line telephony | $465,472,932 | $116,214,486 | $349,258,446 | 300.53% |
| Refined copper, alloys, unwrought | $462,620,352 | $297,153,236 | $165,467,116 | 55.68% |
| Computers | $434,622,577 | $320,249,221 | $114,373,356 | 35.71% |
| Medical equipment for physicals, including anal exams | $328,076,679 | $340,692,763 | ($12,616,084) | -3.70% |
| Women's or girls' suits, not knit | $268,227,460 | $234,545,466 | $33,681,994 | 14.36% |
| Regional jet parts | $259,366,857 | $243,546,573 | $15,820,284 | 6.50% |
| Miscellaneous medicines | $247,071,820 | $2,070,387 | $245,001,433 | 11833.61% |
On the export side, blood, blood plasma, hormones, medical instruments, medicine and medical equipment figured prominently. Medical technology was also an important export.
Top Exports, 2005
| 2005 | 2004 | Dollar Change | Percent Change | |
|---|---|---|---|---|
| Total, All Commodities | $9,932,988,701 | $9,754,492,661 | $178,496,040 | 1.83% |
| Human blood, animal blood, plasma, vaccines | $1,796,537,367 | $1,349,229,316 | $447,308,051 | 33.15% |
| Hormones and steroids used as hormones | $1,062,348,571 | $1,609,231,247 | ($546,882,676) | -33.98% |
| Medical instruments for surgeons, dentists, vets | $983,550,439 | $889,280,983 | $94,269,456 | 10.60% |
| Medicine | $755,657,414 | $481,073,241 | $274,584,173 | 57.08% |
| Electronic integrated circuits | $723,837,932 | $909,802,807 | ($185,964,875) | -20.44% |
| Aircraft | $361,048,228 | $198,682,149 | $162,366,079 | 81.72% |
| Computers | $311,114,896 | $290,630,589 | $20,484,307 | 7.05% |
| Medical equipment for physicals, including anal exams | $174,623,418 | $227,615,601 | ($52,992,183) | -23.28% |
| Centrifuges, filters, machines and parts | $171,216,591 | $144,764,859 | $26,451,732 | 18.27% |
| Scrap iron, steel | $153,951,261 | $175,894,051 | ($21,942,790) | -12.48% |
| Medical technology | $140,217,099 | $133,622,760 | $6,594,339 | 4.94% |
| Computer parts | $136,193,165 | $151,305,338 | ($15,112,173) | -9.99% |
| Electric equipment for line telephony | $119,833,607 | $108,168,464 | $11,665,143 | 10.78% |
| Misc. medical chemical re-agents | $115,501,141 | $103,650,989 | $11,850,152 | 11.43% |
| Regional jet parts | $115,177,599 | $405,196,209 | ($290,018,610) | -71.57% |
As trade patterns shifted, Boston ended 2005 with a shuffle among its list of top trading nations. Canada emerged as the No. 1 trade partner, displacing Germany, which fell to the No. 3 spot behind the Netherlands. All three registered more than $3 billion in trade with Boston.
Germany was among three European nations that saw big drops in their trade with Boston. The others were Ireland and France.
But those were offset by dramatic increases from developing nations. Thanks to its bountiful supply of natural gas, Boston’s energy imports from Trinidad and Tobago rose more than 30 percent to make it one of only six nations that had more than $1 billion in shipments to Boston.
Thailand and Colombia also saw dramatic increases in the value of their trade with Boston. Trade with Thailand rose 89 percent overall, while that with Colombia was up 87 percent.
WorldCity will provide more detail about Boston’s trade with the world when it introduces Boston TradeNumbers at an event in Boston in September.
Six-month report: Boston trade up slightly, but exports drop (08/22/2006)
Boston exports slip, as five of Top 10 commodities are down (06/28/2006)
Despite important medical exports, Boston's $31.6 billion in annual trade is dependent on imports (03/15/2006)
Boston's trade increases 6.4%Canada, Netherlands leapfrog Germany (01/01/2006)