WorldCity Business Magazine

Miami Trade 2006: Imports

by Claudio Mendonça

A flood of Chinese imports has shuffled the lineup of Miami’s top trade partners.

The Miami Customs District imported nearly $32.5 billion worth of goods in 2006, up 2 percent from the year before.

The district’s trade with China leaped so dramatically that the Asian nation became South Florida’s most important source of imported goods, surpassing even Brazil, the district’s top partner overall which accounted for almost $9 billion in bilateral trade.

Demand for goods from China outpaced that for products from Miami’s other top traders, handing the Asian giant South Florida’s fifth trade partner spot in terms of two-way trade, government trade figures show.

Explosive import growth helped China leapfrog Costa Rica and Honduras to put it squarely behind Colombia on the trade lineup.

Imports represented nearly $3.6 billion of China’s $3.9 billion in trade with Miami. Some of the products from China, as well as from Miami’s other Asian traders, were headed for re-export to Latin America and the Caribbean.

According to trade figures released by the U.S. Census Bureau, rising oil prices turned refined petroleum products into the most valuable of South Floridas imports in 2006. They grew 13 percent to $3.6 billion.

Various categories of apparel including sweaters, T-shirts and women’s suits appeared atop the roster.

The largest growth among imports came from scrap metal. Imports of the commodity pushed up proceeds by 155 percent to almost $370 million. The thirst for alcoholic beverage imports also intensified, gaining 37 percent in value to close the year at $384 million.

Aircraft felt the largest import plunge, registering a 57 percent dip to $770 million. Most aircraft imported through the Miami Customs District comes from Brazilian jet maker Embraer, although a small volume of aircraft from Canadian aircraft manufacturer Bombardier also ended up in South Florida.

Other shifts in the trade partner ranking affected Chile, which overtook Guatemala to take the No. 8 spot in two-way trade, buoyed by a 27 percent rise in imports. The United Kingdom climbed two spots, to Miami’s No. 10 trade partner, courtesy of a 51 percent leap in imports.

While Asian imports are rising, Miami’s exports are still outstripping them, giving the Customs District the nation’s second-largest trade surplus in 2006. Miami recorded a $7.2 billion surplus, second only to Seattle which reported a $10.6 billion surplus.

The Miami Customs District encompasses airports and seaports from Fort Pierce to Key West. WC