WorldCity Business Magazine

Oil and jets coming in, artwork and cars going out

by Joachim Bamrud

Imports rose faster than exports, winnowing away at the trade surplus

South Florida’s imports of refined oilsurged almost 90 percent in the first quarterof 2005, most of it from Venezuela butsome of it coming from almost every cornerof the globe.

Another fast-growing import was regional jets, almost exclusively manufactured by Embraer in Brazil, which surged more than 40 percent.

Those are the No. 1- and No. 2-ranked imports into South Florida, according to WorldCity analysis of the most recent U.S. Census data.

Refined petroleum enters at Port Everglades in Broward County, one of the nation’s leading sites for storage and eventual shipment. Embraer’s North American headquarters is at the Hollywood- Fort Lauderdale International Airport, not far from the seaport.

Overall, imports are up more than 14 percent, as compared to slightly more than 6 percent for South Florida exports. That narrowed the trade surplus for South Florida from $719 million to a mere $252 million. South Florida, the only U.S. Customs district in the nation to finish with a trade surplus in 2004, is seeing its evaporate in 2005.

The four leading exports from South Florida’s airports and seaports are computers, computer parts, cell phone equipment and computer chips, largely bound for Latin America and the Caribbean, as the region tries to catch up with the rest of the world’s access to technology. But, of those four, only computer exports increased in value when compared to the same period in 2004.

In fact, of the Top 10 exports, sixdecreased in value. Exports of motor vehicles and artwork showed big increases.