Pop quiz: What was the biggest import into South Florida in 2009, a tough year when trade shrunk? Hint: It’s not cut flowers, fresh fish or even jets, long key products brought into greater Miami. Gold emerged as the No. 1 import last year, as many people nervous about weak real estate and stock markets turned to gold for security, WorldCity’s latest Miami Trade Numbers report has found. WorldCity President Ken Roberts shared the report and led talks on the outlook for South Florida trade at the June 16 meeting… Read More
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WorldCity President Ken Roberts
Good news: Trade drops less than 20% for first time in 2009
For the first time in 2009, U.S. trade with the world has fallen at less than a 20 percent clip when compared to the same month the previous year, according to WorldCity analysis of the most recent U.S. Census data.
In September, U.S. trade with the world was 18.71 percent below the same month in 2008, a significant improvement over August, when it was off 28.6 percent from the previous August. For the four months prior to that, the decreases all topped 30 percent.
Nevertheless, the United States remains mired in the worst drop in import-export activity in decades if not ever. Year to date, also through September, U.S. trade is off $737.59 billion, or 28.12 percent.
In September, however, six of the Top 10 Customs districts dropped below the 20 percent threshold when compared to the previous September, up from just two in August. The nation’s top Customs district, Los Angeles, improved from a 22.63 percent drop in August to 17.97 percent in September. Los Angeles is an important barometer of not only U.S. trade but the U.S. economy, since its Chinese imports are a staple of consumers.
New York, the No. 2-ranked Customs district, narrowly missed falling below 20 percent, ending down 20.50 percent, which was nevertheless an improvement over the 26.21 percent decline in August. No. 4 Houston, whose trade can gyrate wildly based on the price of oil, registered a 12.46 percent decline in September 2009 and had seen trade fall a more precipitous 45.15 percent in August. Oil prices in the summer of 2008 spiked, and have since settled far lower. No. 5 New Orleans is a similar story, with trade off more than any other Top 10 Customs district, at 24.26 percent but a far cry better than in August, when the decline was 45.15 percent.
No. 8 Seattle, a large exporter of Boeing aircraft, a barometer of the strength of the global economy, particularly the developing world nations, recorded a 8.72 percent decline in September, a big improvement over August, when total trade was off 29.01 percent. Like Houston and New Orleans, Seattle’s monthly trade totals can swing dramatically, since Boeing orders tend to be large and intermittent.
Outside of Seattle, Laredo was the only Customs district among the Top 10 to see its trade decline less than 10 percent, with a decrease of 9.13 percent.
Trade in the Miami Customs district was off 16.72 percent in September, when compared to the previous September.
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