Statistics
NY likely to narrowly miss surpassing $300 billion in annual trade for 2006
February 1st, 2007
New York will have narrowly missed becoming the second nation to surpass $300 billion in annual trade when annual statistics are released on Feb. 13, according to WorldCity projections.
Los Angeles surpassed the $300 million mark in November, the first time any Customs district had ever done so.
New York will remain solidly in the No. 2 position when the annual statistics are released, its trade buoyed by United Kingdom, Switzerland, South Africa, Canada, Austria and Finland. Detroit, Houston and Laredo, Texas will follow.
It will also be No. 2 in exports, ahead of Los Angeles but behind Detroit, which ranks as the United States’ leading exporting Customs district and is dominated by its trade with Canada. It will be No. 2 in imports and deficit, both behind No. 1 Los Angeles.
New York’s Top 10 will consist of the same nations that populated that ranking last year, with only a little jockeying for position. The United Kingdom will have slipped past Germany to become the third-ranked trade partner with New York, following China and Japan. Switzerland is likely to replace India as the No. 9 trade partner, buoyed by high gold prices.
The Top 10 will consist of six European nations, three Asian nations and one Middle Eastern nation.
| 2006 | 2005 | Total Trade | Nov. 2006 YTD | Nov. 2005 YTD | Dollar Change | Percent Change |
|---|---|---|---|---|---|---|
| World Total | $269,887,160,683 | $244,738,736,432 | $25,148,424,251 | 10.28% | ||
| 1 | 1 | China | $28,661,610,795 | $24,818,854,107 | $3,842,756,688 | 15.48% |
| 2 | 2 | Japan | $21,298,148,549 | $19,269,385,844 | $2,028,762,705 | 10.53% |
| 3 | 4 | United Kingdom | $20,188,926,334 | $16,167,283,718 | $4,021,642,616 | 24.88% |
| 4 | 3 | Germany | $18,143,468,270 | $17,102,991,606 | $1,040,476,664 | 6.08% |
| 5 | 5 | Israel | $16,489,229,875 | $15,947,055,162 | $542,174,713 | 3.40% |
| 6 | 6 | Italy | $13,104,129,265 | $12,282,032,970 | $822,096,295 | 6.69% |
| 7 | 7 | France | $12,169,857,012 | $11,693,006,564 | $476,850,448 | 4.08% |
| 8 | 9 | Switzerland | $11,139,843,192 | $8,957,277,077 | $2,182,566,115 | 24.37% |
| 9 | 8 | India | $10,342,964,491 | $9,359,141,068 | $983,823,423 | 10.51% |
| 10 | 10 | Belgium | $8,335,740,525 | $7,517,197,974 | $818,542,551 | 10.89% |
| 11 | 12 | Netherlands | $7,308,564,396 | $6,443,400,901 | $865,163,495 | 13.43% |
| 12 | 11 | South Korea | $6,903,774,873 | $7,275,082,626 | ($371,307,753) | -5.10% |
| 13 | 14 | Hong Kong | $5,568,228,893 | $5,523,087,599 | $45,141,294 | 0.82% |
| 14 | 13 | Ireland | $5,236,467,841 | $6,199,726,178 | ($963,258,337) | -15.54% |
| 15 | 15 | Taiwan | $4,615,479,685 | $4,463,527,180 | $151,952,505 | 3.40% |
| 16 | 20 | South Africa | $4,532,294,264 | $3,329,042,683 | $1,203,251,581 | 36.14% |
| 17 | 16 | Singapore | $4,293,646,560 | $4,155,499,860 | $138,146,700 | 3.32% |
| 18 | 17 | Brazil | $4,253,097,612 | $3,551,177,035 | $701,920,577 | 19.77% |
| 19 | 18 | Russia | $4,075,907,122 | $3,475,368,010 | $600,539,112 | 17.28% |
| 20 | 19 | Spain | $3,954,239,740 | $3,395,870,478 | $558,369,262 | 16.44% |
| 21 | 23 | Canada | $3,376,907,009 | $2,649,419,260 | $727,487,749 | 27.46% |
| 22 | 21 | Sweden | $3,198,781,244 | $3,229,351,444 | ($30,570,200) | -0.95% |
| 23 | 22 | Thailand | $2,778,060,811 | $2,870,180,359 | ($92,119,548) | -3.21% |
| 24 | 35 | Austria | $2,452,667,155 | $1,245,956,164 | $1,206,710,991 | 96.85% |
| 25 | 24 | Turkey | $2,365,174,636 | $2,420,422,634 | ($55,247,998) | -2.28% |
Through 11 months, New York’s trade with the world increased 10.3 percent to $270 billion, with $96 billion in exports and $174 in imports into the New York-New Jersey area.
New York will have an impressive 41 or 42 nations it its Billion Dollar Club when the annual statistics are released in February, the only question mark being Poland. The Eastern European nation’s trade with New York is up almost 22 percent through the first 11 months of the year, with more than 31 percent growth in exports from New York. The rapid growth in exports to Poland the last several years has led to a near balancing of trade between the two.
Overall, New York has trade surpluses with 105 nations and deficits with 121 nations. Through 11 months, New York had a deficit of $77 billion, with China accounting for $19.6 billion of that. New York also has large deficits with Italy, Japan, Germany and India. It has surpluses with Hong Kong, Saudi Arabia, United Arab Emirates, among others.
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)