Statistics

Semi-annual review: New York's trade trailing U.S. average; export growth stronger than imports in percentage not dollar terms

August 15th, 2006

New York’s trade with the world increased 11.9 percent through the first six months of 2006, a nice clip but slower than the nation’s 13.5 percent increase.

Exports from New York, the nation’s second-largest Customs district behind Los Angles, grew more quickly than imports on a percentage basis though not in dollar terms. New York’s deficit grew from $38.9 billion to $41.1 billion on total trade of $143.1 billion.

On the export side, New York’s increase was led by a newly found surge in exports to the United Kingdom ($2.2 billion, 60.6 percent increase) and continued strength in exports to Austria ($235 million, 107 percent increase), according to WorldCity analysis of the most recent U.S. Census data.

On the import side, New York’s increase was led by oil-producing nations like Russia, Canada, Venezuela, Angola, Algeria and Nigeria all benefiting from surging oil prices as well as the Netherlands, a European distribution hub, Singapore, South Africa, Australia and Finland.

On an annual basis, New York has been the No. 2-ranked Customs district for most of the last decade, enjoying only a brief move into the top slot at the turn of the century. The perennial No. 3 is Detroit, followed by Laredo, Texas and either New Orleans or Houston, which rounds out the top five.

Among the nation’s top trade partners, New York is not a leading Customs destination for either No. 1 Canada or No. 2 Mexico, and is second to Los Angeles with No. 3 China and No. 4 Japan. Among the nation’s Top 10 trade partners, New York is tops with three, the European nations of Germany (No. 5), the United Kingdom (No. 6) and France (No. 9).

Through the first six months of the year, New York’s Top 10 trade partners were a relatively diverse group of nations: China, Japan, the United Kingdom, Germany, Israel, Italy, France, Switzerland, India and Belgium. Three years ago at the mid-way point, China was No. 4. Otherwise, there has been little shifting in the rankings.

China’s rapid growth is largely due to its import strength, of course. That deficit grew $597 million, year over year, to $9.2 billion, or almost three times that of Japan’s, which has New York’s second-biggest deficit. New York’s overall deficit is more than $41 billion through the first six months of 2006.

Overall, New York has a trade surplus with 103 nations and a deficit with 122. Its surpluses range from $935.6 million with Hong Kong all the way down to $11,238 with the Heard and McDonald Islands.

In addition to Hong Kong, the Top 10 surpluses, all in excess of $100 million at the midway point in 2006, are with the United Kingdom, Saudi Arabia, Switzerland, Australia, the United Arab Emirates, the Netherlands, Kuwait, Lebanon and Belgium.

After China, New York’s Top 10 deficits, all in excess of $1.5 billion, are Italy, Germany, Japan, India, France, Ireland, Israel, Russia and Canada.

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)

Semi-annual review: New York's trade trailing U.S. average; export growth stronger than imports in percentage not dollar terms (08/15/2006)

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)