Statistics
New York posts big deficit thanks to $23 billion influx of goods from China
March 15th, 2006
New York may have closed 2005 with a record $267.5 billion in trade, but it also hit another record: the second-biggest trade deficit among any U.S. Customs District.
Although overall trade for the United States’ No. 2 Customs district grew more than 9 percent from a year earlier, New York registered a whopping $85.9 billion deficit.
Only Los Angeles, the nation’s biggest port with $294 billion in trade, had a bigger deficit: $137 billion.
Boston’s exports fell just shy of $91 billion, a more than 12 percent increase, but exports closed in on the $177 billion mark, led by nearly $23 billion in shipments from China.
| 2005 | 2004 | Total Trade | 2005 | 2004 | Dollar Change | Percent Change |
|---|---|---|---|---|---|---|
| .World Total | $267,502,625,565 | $245,070,481,486 | $22,432,144,079 | 9.15% | ||
| 1 | 1 | China | $26,877,028,072 | $21,873,565,728 | $5,003,462,344 | 22.87% |
| 2 | 2 | Japan | $21,139,039,202 | $20,383,971,113 | $755,068,089 | 3.70% |
| 3 | 3 | Germany | $18,805,404,311 | $18,930,537,456 | ($125,133,145) | -0.66% |
| 4 | 4 | United Kingdom | $17,637,087,208 | $17,333,037,338 | $304,049,870 | 1.75% |
| 5 | 5 | Israel | $17,397,125,704 | $15,823,209,301 | $1,573,916,403 | 9.95% |
| 6 | 6 | Italy | $13,418,622,054 | $12,970,832,473 | $447,789,581 | 3.45% |
| 7 | 7 | France | $12,845,388,082 | $12,462,936,383 | $382,451,699 | 3.07% |
| 8 | 9 | India | $10,131,874,876 | $8,524,599,009 | $1,607,275,867 | 18.85% |
| 9 | 8 | Switzerland | $9,700,242,276 | $10,046,545,585 | ($346,303,309) | -3.45% |
| 10 | 10 | Belgium | $8,166,680,442 | $8,160,070,609 | $6,609,833 | 0.08% |
| 11 | 11 | South Korea | $7,882,744,291 | $7,853,834,738 | $28,909,553 | 0.37% |
| 12 | 13 | Netherlands | $7,089,866,319 | $5,794,835,338 | $1,295,030,981 | 22.35% |
| 13 | 12 | Ireland | $6,759,951,475 | $6,208,197,324 | $551,754,151 | 8.89% |
| 14 | 14 | Hong Kong | $6,030,557,496 | $5,570,612,609 | $459,944,887 | 8.26% |
| 15 | 15 | Taiwan | $4,907,278,146 | $5,262,676,505 | ($355,398,359) | -6.75% |
| 16 | 16 | Singapore | $4,545,752,378 | $3,976,398,092 | $569,354,286 | 14.32% |
| 17 | 22 | Russia | $4,021,217,347 | $2,786,677,115 | $1,234,540,232 | 44.30% |
| 18 | 17 | Brazil | $3,898,115,580 | $3,636,655,031 | $261,460,549 | 7.19% |
| 19 | 19 | Spain | $3,734,624,326 | $3,541,288,603 | $193,335,723 | 5.46% |
| 20 | 18 | South Africa | $3,649,336,181 | $3,597,254,656 | $52,081,525 | 1.45% |
| 21 | 20 | Sweden | $3,539,740,599 | $3,066,789,960 | $472,950,639 | 15.42% |
| 22 | 21 | Thailand | $3,114,190,739 | $2,877,612,961 | $236,577,778 | 8.22% |
| 23 | 23 | Canada | $2,961,582,059 | $2,557,957,732 | $403,624,327 | 15.78% |
| 24 | 24 | Turkey | $2,601,948,360 | $2,383,008,252 | $218,940,108 | 9.19% |
| 25 | 25 | Denmark | $2,143,114,569 | $1,622,645,845 | $520,468,724 | 32.08% |
China held fast to its position as New York’s No. 1 trade partner, registering overall growth of nearly 23 percent. The trade relationship was one-sided, however, with New York sending just $4 billion in exports to the Asian giant.
Top Exports, 2005
| 2005 | 2004 | Dollar Change | Percent Change | |
|---|---|---|---|---|
| Total, All Commodities | $90,825,614,523 | $80,806,310,367 | $10,019,304,156 | 12.40% |
| Diamonds, not mounted | $8,191,304,352 | $6,656,732,946 | $1,534,571,406 | 23.05% |
| Regional jet parts | $4,823,436,635 | $4,194,880,378 | $628,556,257 | 14.98% |
| Aircraft parts | $3,777,668,884 | $3,461,686,495 | $315,982,389 | 9.13% |
| Electronic integrated circuits | $3,076,963,822 | $3,057,384,139 | $19,579,683 | 0.64% |
| Paintings, drawings and other artwork | $2,810,674,336 | $2,039,564,061 | $771,110,275 | 37.81% |
| Medical instruments for surgeons, dentists, vets | $2,539,394,718 | $2,240,168,259 | $299,226,459 | 13.36% |
| Gold | $2,415,945,488 | $2,859,753,668 | ($443,808,180) | -15.52% |
| Jewelry, parts | $2,297,211,619 | $1,696,183,355 | $601,028,264 | 35.43% |
| Computers | $1,793,911,848 | $1,787,683,392 | $6,228,456 | 0.35% |
| Medicine | $1,791,412,588 | $1,425,021,824 | $366,390,764 | 25.71% |
| Motor vehicles for transporting people | $1,651,505,937 | $1,090,815,749 | $560,690,188 | 51.40% |
| Computer parts | $1,627,623,267 | $1,318,362,166 | $309,261,101 | 23.46% |
| Unwrought platinum in various forms | $1,319,766,795 | $1,013,360,945 | $306,405,850 | 30.24% |
| Medical technology | $1,277,722,196 | $1,399,082,974 | ($121,360,778) | -8.67% |
| Medical equipment for physicals, including anal exams | $1,257,055,238 | $1,011,348,876 | $245,706,362 | 24.29% |
New York’s leading exports in 2005 were unmounted diamonds, which rose in value by more than 23 percent. Aircraft parts and artwork were also high on the export list.
*
Top Imports, 2005*
2005
2004
Dollar Change
Percent Change
Total, All Commodities
$176,677,011,042
$164,264,171,119
$12,412,839,923
7.56%
Diamonds, not mounted
$14,272,382,182
$13,077,871,885
$1,194,510,297
9.13%
Oil, not crude
$13,352,415,132
$9,230,347,510
$4,122,067,622
44.66%
Motor vehicles for transporting people
$13,028,133,938
$14,111,589,645
($1,083,455,707)
-7.68%
Medicine
$8,200,676,308
$7,328,502,428
$872,173,880
11.90%
Crude oil from Petroleum, bituminous minerals
$4,950,479,990
$3,349,064,358
$1,601,415,632
47.82%
Jewelry, parts
$4,509,443,242
$4,121,937,857
$387,505,385
9.40%
Women's or girls' suits, not knit
$4,238,756,193
$4,126,984,542
$111,771,651
2.71%
Exports of repaired imports Imports of returned exports
$3,947,676,305
$3,471,160,489
$476,515,816
13.73%
Unwrought platinum in various forms
$3,404,972,668
$3,106,282,594
$298,690,074
9.62%
Sweaters, pullovers, vest, knit or crocheted
$3,271,242,962
$3,438,920,598
($167,677,636)
-4.88%
Transmission apparatus for cellular phones
$2,713,211,368
$2,564,512,614
$148,698,754
5.80%
Computers
$2,421,467,540
$2,384,941,321
$36,526,219
1.53%
Paintings, drawings and other artwork
$2,283,379,124
$2,537,781,374
($254,402,250)
-10.02%
Computer parts
$2,029,873,690
$2,126,665,226
($96,791,536)
-4.55%
Footware, sole of rubber, plastic or leather; upper leather
$1,846,375,468
$1,778,866,408
$67,509,060
3.80%
On the import side, passenger vehicles-which had been the top export in 2004-fell to the No. 3 spot, according to WorldCity analysis of U.S. Census Bureau trade statistics. They were replaced by diamonds, now the most important export as well as the top import, and non-crude oil shipments.
In trade statistics, cargo is associated with the Customs district at which it enters the United States, rather than its final destination within the country. The cargo includes products that enter the country by sea, air, rail or truck.
NY likely to narrowly miss surpassing $300 billion in annual trade for 2006 (02/01/2007)
New York exports to Britain post a jump (12/11/2006)
Long view shows New York losing ground (10/16/2006)
New York posts big deficit thanks to $23 billion influx of goods from China (03/15/2006)
NY's trade increases 10% this year
China, Israel, India are fastest-growing (01/01/2006)