WorldCity Business Magazine

Gasoline, garments lead imports

by WC

Fuel, apparel and transmission devices for cell phones emerged
as South Florida’s most valuable imports in the third quarter of
2006.
For the first nine months of the year, overall imports rose 4 percent
to total $24.3 billion. Exports rose at an even faster pace
nearly 16 percent to end the third quarter near $29 billion and
put Miami on track to close 2006 with nearly $70 billion in trade.
Imports of refined oil products entering the United States at
Fort Lauderdale’s Port Everglades were the single biggest commodity
passing through the Miami Customs District between
January and September. Those imports reached $2.9 billion, up 40
percent from the same period of 2005.
Various categories of clothing, however, combined to value
$3.5 billion during the period. The majority of apparel imports
originated in China, which has become Miami’s top source of
imports. The Dominican Republic and Central America also
played pivotal roles in providing apparel to South Florida.
Although clothing imports were down about 7 percent when
compared with trade results for the first three quarters of 2005,
some key commodity categories posted increases. For example,
South Florida imported $938 million in T-shirts and tank tops,
up from $863 million in the first three quarters of 2005.
China, which saw its trade with the Miami Customs District rise
15 percent to $2.7 billion, also proved to be an important supplier
of computers, computer parts, transmission apparatus for cellular
phones, furniture and aluminum for construction.
With China accounting for 11 percent of Miami’s imports, the
Asian giant is on pace to break its 2005 year-end import mark of
$3.2 billion.
Imports from Brazil, which is South Florida’s most important
trader overall, were $1.8 billion, reflecting a notable 34 percent
plummet from the same period a year earlier.
A 5 percent drop in imports from Venezuela reflected the leveling
off of oil prices on world markets. Imports from Argentina
also declined in the third quarter, falling 11 percent, while imports
from Chile and Great Britain climbed 30 and 50 percent, respectively.
The Dominican Republic ended the quarter as Miami’s third
most important source of imports. Those shipments rose 8.2
percent to $1.5 billion. Along with clothing, the Dominican
Republic sent surgical equipment and medical instruments to
South Florida.