Miami International Airport is one of the five best U.S. airports if you happen to get stuck for some reason, according to SeatGuru. SeatGuru based its selection on “their amenities and attractions designed to help travelers relax and be entertained and pampered” during a longer-than-expected layover or other delay. Joining MIA on the list are San Francisco International Airport, Salt Lake City International Airport, Portland International Airport and McCarran International Airport in Las Vegas. MIA made the list for providing an international dining experience with 30 restaurant choices that vary… Read More
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South Florida faring better than most of nation
Miami import-export trade has best month since February, despite decline
South Florida import-export trade registered its best month since February, according to data released Thursday, Dec. 10, by U.S. Census and analyzed by WorldCity.
For the month of October, Miami’s trade with the world was off 12.37 percent when compared to October 2008. That’s the best performance since February, when trade was off just 11.72 percent when compared to the same month in the previous year.
The bottom? June was the worst month for the South Florida Customs district, which covers from Palm Beach County south through the Florida Keys but is dominated by Miami International Airport, Port Everglades in Broward County and the Port of Miami.
That month, South Florida’s trade fell 16.48 percent over the previous June.
While the declines in trade are not welcome, South Florida has outperformed most of the rest of the country, where the declines have been steeper.
Ranked as the nation’s No. 14 Customs district in October 2008 on a year-to-date basis, it currently stands at No. 11 and is almost certain to finish with its highest ranking in a decade.
South Florida has moved ahead of Cleveland, Buffalo and Philadelphia.
Looking at South Florida monthly data for October, trade with all but a handful of leading countries remains down, when compared to the previous October.
Colombia, Switzerland, Mexico, Ecuador and the Bahamas all bucked the trend and registered increases. For the month of October 2008, just one year ago, Switzerland ranked No. 17, and five years ago, in October 2004, it ranked No. 32. In October 2009, it ranked No. 3.
Miami exports to Switzerland of precious metal in scrap form have skyrocketed in the last year to two years, led by surging commodity prices for gold, silver, platinum and other metals.
Even though October was the best monthly performance since February, overall, South Florida trade fell $1.03 billion, compared to the same month a year earlier. Accounting for almost 30 percent of the total decrease is Venezuela. While South Florida is not the leading U.S. Customs district for trade with the Andean oil-producing nation — Houston is — South Florida is the leading exporter.
Venezuela, which finished 2008 as South Florida’s No. 2-ranked trade partner behind perennial No. 1 Brazil, ranked No. 5 in the month of October. With oil prices off sharply from the bubble prices of 2008, Venezuela has less income with which to purchase the computers, cell phones, heavy equipment and other commodities that traditionally leave from Miami.
Only two other Top 25 trade partners saw their trade decline even a third as much as Venezuela’s in October — No. 1 Brazil, with a decrease of $113.24 million, and No. 23 Japan, where trade was off $110.40 million.
South Florida’s trade has suffered far less than the rest of the nation because it is not dependent on imports of oil or from China and other Asian nations. It is also a supplier to Latin America, and the economies of South America in particular have performed better than the global economy as a whole, with more shallow and short-lasting recessions.
Year to date, South Florida trade is off 15.29 percent. Only two Top 25 Customs districts are off less, No. 15 El Paso, Texas, and No. 20 San Juan, Puerto Rico. U.S. trade is off a staggering 30.20 percent year to date, or more than $549 billion.
Overall, South Florida exports are off 11.74 percent while imports have fallen 20.71 percent. More than 45 percent of the decrease in imports is due to steep declines with No. 1 overall partner Brazil, No. 3 Venezuela and No. 5 China.
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