Statistics

New Orleans rebounding, one year after Katrina

August 27th, 2006

New Orleans-area seaports appear to be rebounding from the effects of Hurricane Katrina, which struck a devastating blow to the region a year ago, according to WorldCity analysis of the most recent U.S. Census data.

New Orleans is one of the nation’s most important Customs districts, with its unparalleled access to the heart of the United States via the Mississippi River. It has perennially ranked in the Top 5 in the nation behind Los Angeles, New York, Detroit and Laredo, Texas. After Katrina struck last August, it closed 2005 behind Houston, and it remains there through the first six months of the year.

The New Orleans Customs district includes airports and seaports in Louisiana, Mississippi and Tennessee but is dominated by the Ports of New Orleans and oil-dominated Morgan City.

By value, the Port of New Orleans is the leading seaport in the Customs district, with more than $32 billion in total imports and exports through the first six months of the year, according to WorldCity’s analysis of the most recent statistics available. It accounts for roughly 60 percent of the Customs district’s total trade.

Through June, the seaport’s imports are up about 15 percent to $18.6 billion; its exports have increased a more modest 3 percent to $13.8 billion.

By weight, the seaport is showing a 21 percent increase in imports through June while exports are up about 4 percent. Most of that increase is a jump in oil and refined petroleum products.

The Port of Morgan City nevertheless dominates oil imports in the Customs district and is in fact dominated by them itself, registering $12.3 billion through the first six months of the year. Its total imports were $12.4 billion.

The crude oil increase at the Port of New Orleans was well underway before Katrina, up 167 percent in value between the first six months of 2003 and the comparable period of 2005. Much of that is related to the increasing price of oil, of course, but oil imports by weight were still up by 57 percent in that time period.

But non-crude oil imports jumped more than 220 percent between the first six months of 2005, before Katrina, and 2006, after the hurricane. Even by weight, the increase is significant, at 167 percent. Many other area seaports are showing decreases, including ports in Texas and Mississippi.

Overall, the New Orleans Customs district showed a 16.4 percent increase in trade through the first six months of the year, with $73.6 billion in total trade. At the moment, it has a new No. 1 trade partner, Mexico, which has been moving up steadily the last several years. Canada, which had been No. 1, slipped into the No. 2 slot. Saudi Arabia, China and Japan round out the Top 5.

Nineteen nations have already registered at least $1 billion in total trade with New Orleans through the first six months of the year, up one from the similar period of 2005. South Korea is the newest member of the Billion Dollar Club. By year’s end, there should be close to three dozen nations on the list.

New Orleans’ fastest-growing trade partners from 2005 to 2006 are Mexico, Saudi Arabia, France and Iraq. Since 2003, Iraq’s trade with New Orleans is up more than 610 percent. New Orleans now imports more from Iraq than any other Customs district in the United States, surpassing Houston through June. Crude oil accounts for almost 97 percent of Iraq’s imports into the United States.

More than 50 percent of New Orleans total imports are oil, refined petroleum and other oil-related products.

On the export side, the Customs districts’ No. 1 commodity is corn. Refined petroleum is No. 2 followed by soybeans, computer circuit boards, computers, aircraft and aircraft parts.

The Customs districts’ export total is up 9.4 percent to $18.8 billion, leaving New Orleans with a 36 billion deficit through the first six months of the year. New Orleans has a trade surplus with 103 countries and a deficit with 113. It deficits are obviously quite a big larger than its surpluses with individual nations, and the oil-producing nations as well as manufacturing powerhouses of China and Malaysia are the top nations with which New Orleans has a deficit, WorldCity found.

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