Source: http://worldcityweb.com/home/MIA/statistics/view/128/

Export frenzy feeds top traders

August 2nd, 2006

Export frenzy feeds top traders

Miami’s top seven trade partners remained the same in 2005, but they jockeyed for new positions with Venezuela jumping four slots higher and China shooting stronger roots into South Florida’s trade turf.

These seven accounted for nearly half of the Miami Customs District’s $65.9 billion in bilateral trade last year. Their two-way flow of goods included a rich variety of commodities from gasoline and computers to textiles and seafood.

All but one of the seven China were in Latin America.

Brazil retained its seat at the top of the trade partner list, but it did so despite a big drop in imports from South America’s biggest country. Venezuela, meanwhile, made a daring dash up the roster to the No. 2 spot among traders, pushing down the Dominican Republic, Colombia, Costa Rica and Honduras. The Venezuela leap came largely behind a spike in South Florida exports to that oil-rich country.

Venezuela’s economy is blossoming, consumer credit is getting easier to acquire and Venezuelans are loosening their purse strings. South Florida is providing the goods they want. At the same time, the government of President Hugo Chavez is embarking on a number of infrastructure projects and that has boosted the demand for heavy equipment and machinery from South Florida.

If Venezuela played a pivotal role on the export side, it was China that commanded imports. The Miami Customs District processed $3.1 billion in imports from the Asian powerhouse in 2005. Just a year earlier, those imports totaled $2.4 billion.

Trade figures for the first quarter of 2006 indicate that China will surpass all countries when it comes to imports this year.

The Magnificent Seven include three countries Colombia, the Dominican Republic and Honduras that could see their trade standings improve if free trade agreements with the United States are implemented. Colombia has been working hard for a free trade accord, and the Dominican Republic and Honduras would be extended trade benefits under a U.S.-Dominican Republic-Central America Free Trade Agreement, or DR-CAFTA.

Costa Rica is also eligible to participate in DR-CAFTA but has not ratified the agreement.

Recent Reports

Beacon Council Press Release: "South Florida Global Economic Impact Study Reveals Region’s Economic Muscle" (01/17/2008)

Multinational study looks at 'revenues under management' in Greater Miami area (10/31/2007)

7th annual Miami TradeNumbers released (06/18/2007)

1st Q: Miami, led by exports, growing faster than national average (05/21/2007)

Annual trade statistics: Miami soars past $70 billion but is losing ground (02/13/2007)

Miami in danger of falling a notch, to No. 14 behind Philadelphia (02/01/2007)

Third quarter trade results: Miami headed on pace for a strong 2006 (12/11/2006)

DR-CAFTA nations help propel Miami growth (09/15/2006)

Looking ahead (08/02/2006)

Export spree boosts Miami trade (08/02/2006)

Export frenzy feeds top traders (08/02/2006)

Mid-tier traders are on the move (08/02/2006)

Tapping trade opportunities (08/02/2006)

Understanding trade’s value (08/02/2006)

Deciphering the data (08/01/2006)

rising tide (08/01/2006)

Miami-Costa Rica Annual Report: No. 5 trade partner- Med-tech goods shape trade (07/27/2006)

Miami-Honduras Annual Report: No. 6 trade partner- Apparel dominates exchange (07/27/2006)

Miami-China Annual Report: No. 7 trade partner pushing for the top spot (07/27/2006)

Miami-Colombia Annual Report: Trade with No. 4 trade partner Colombia blooms (07/27/2006)

Miami-Dominican Republic Annual Report:No. 3 Trade partners- Slowing the trade pace (07/27/2006)

Miami-Venezuela Annual Report:Win-win with No. 2 trade partner Venezuela (07/27/2006)

Miami-Brazil Annual Report: No.1 Trade Partner Brazil loses ground in South Florida (07/27/2006)

Miami-Guatemala Annual Report: No. 8 trade partner- From apparel to agro products (07/27/2006)

Miami-Chile Annual Report: No. 9 trade partner Chile posts big trade gains (07/27/2006)

Miami-El Salvador Annual Report: No. 10 trade partner- Trade holds steady (07/27/2006)

Miami-Argentina Annual Report: No. 11 trade partner- Surplus-boosting year (07/27/2006)

Miami-UK Annual Report: No. 12 trade partner- Tapping the Americas' gateway (07/27/2006)

Miami-France Annual Report: No. 13 trade partner- Global products for good living (07/27/2006)

Miami-Mexico Annual Report: No. 14 trade partner- Reaching to Yucatan Peninsula (07/27/2006)

Miami-Italy Annual Report: No. 15 trade partner- Italian luxury captivates Miami (07/27/2006)

Miami-Peru Annual Report: No. 16 trade partner- Tariff exemptions boost trade (07/27/2006)

Miami-Ecuador Annual Report: No. 17 trade partner- Keeping on the proven path (07/27/2006)

Miami-Bahamas Annual Report: No. 18 trade partner- Feeding the toursim sector (07/27/2006)

Miami-the Netherlands Annual Report: No. 19 trade partner- High-speed growth (07/27/2006)

Miami-Germany Annual Report: No. 20 trade partner- Trade with Germany climbs (07/27/2006)

Miami-Panama Annual Report: No.21 trade partner headed toward $1 billion (07/27/2006)

Miami-Japan Annual Report: No. 22 trade partner- Import hike causes trade boost (07/27/2006)

Miami-Haiti Annual Report: No. 23 trade partner- Clothing connection (07/27/2006)

Miami-Paraguay Annual Report: No. 24 trade partner riding high on exports (07/27/2006)

Miami-Spain Annual Report: No. 25 trade partner- Trade with Spain plunges (07/27/2006)

Latin America plays growing role in South Florida trade, helping fuel a $2.2 billion surplus (03/15/2006)