WorldCity Business Magazine

(3-b) Miami Trade 2007: 1st Quarter Imports - Refined Petroleum Dips $119 million

by WC

Phone equipment rises 981% but other big gainers are a little harder to find

Despite persistent warnings that a weak dollar is going to make imported products too expensive for American consumers, imports continue to rise in the Miami Customs District albeit at a slower growth rate than has often been the case.

Even with a weak dollar and slowing U.S. economy taking their toll, imports in the first quarter eked out a 2.6 percent gain, rising to $7.98 billion from $7.78 billion in the Miami district.

Taking a longer view, imports are 21 percent ahead of the $6.60 billion in the January-March quarter of 2004.

Meanwhile, if youve been driving less and eating healthier, your lifestyle changes may be reflected in the import scene of the Miami Customs District.

Imports of fish fillets, frozen and fresh, floated upward, to $221 million in the first quarter of the year, an increase of 23 percent from $180 million in the same period last year. That import could be benefiting from the rising tide of doctors who recommend at least one serving of fish weekly.
Imports nearly doubled the $121 million pace of the first three months of 2004.

Those figures reflect something of a bubble in seafood imports. Importers in the Miami Customs District also snapped up $68 million in shrimp, crab and lobsters. Thats a 47 percent gain, and the category has grown 123 percent since early 2004.

Not that South Floridas dietary trends are turning purely puritanical. Imports of rum, gin and other liquors, for instance, were a strong $97 million in the first three months of the year, up from $71 million in the first quarter of 2006. Then again, we did host the Super Bowl.

Meanwhile, oil product imports though not crude stalled, dropping 13 percent to $792 million from $911 million. Still, this category remains the most important in terms of dollar value, and totals are pumped up nearly threefold from $281 million in early 2004.

Nothing sizzled like the imports of equipment for line telephony. Imports soared more than ten-fold, to an astonishing $278 million from $25 million a level that is roughly what the historical average has been in the first quarter. Perhaps reflecting the slowing construction industry nationwide, imports of iron and steel bars and rods receded 61 percent, to $12 million, and insulated wire and cable dropped by one-fourth, to $52 million from $70 million.

Also showing a steep decline was imports of transmission equipment for cellular phones. Their import volume fell by $150 million, to $92.4 million, off 61 percent and also well below 2004s $167 million.

Computer imports slumped by 25 percent, to $132 million from $177 million in the first quarter of last year. And computer parts also saw a sharp drop-off, to $103 million from $129 million. Computer parts imports were $171 million in the first quarter of 2004, a level that hasnt been
matched since.

Apparel imports were a mixed bag. Tshirts and tank tops declined, as did mens suits. But sweaters and pullovers rose, while bras and girdles more than doubled to $66 million from $28 million.

One import category that lost some of its buoyancy: yachts. Sales sank to $130 million in the first quarter, down 14 percent a year earlier. Theyre still 11 percent above three years ago, however.