Source: http://worldcityweb.com/home/MIA/publications/magazine/54/902/

(5-b) Miami Tradenumbers 2007: Annual Report - Import

by WC


Import doldrums
A weak U.S.dollar and a slowing economy keep imports at bay

For a second straight year, South Floridas experienced weak import growth. After an anemic 2 percent hike in 2006, total imports last year increased only 3.6 percent.

Also for a second straight year, China claimed the top spot as South Floridas biggest source of imports, at $3.7 billion, up 4 percent over 2006. Brazil hung on to second spot at 2.3 billion, registering a similar increase of nearly 4 percent.

Among South Floridas top 10 import partners, France accounted for the only change in the rankings, moving up to fifth from eighth place last year, as imports surged more than 40 percent.

Other nations that registered increases in shipments of more than 20 percent to South Florida last year included Germany, Mexico, South Korea and Nicaragua.

Imports from Germany jumped 24 percent, moving it from 16th to 11th spot. Meanwhile, Mexico moved up to 15th spot, as South Florida imports from that country rose 32 percent.

South Korea registered the biggest jump of all 58 percent. That huge increase was expected. Korean Air Cargo inaugurated its first direct cargo flight from Seoul to Miami in August 2006. Last year, the airline expanded from two to five direct flights per week.

Among the top imported products, oil remained at the top, accounting for $3.8 billion, or 11 percent of South Floridas total import bill.