Latin America plays an important role in retailer Gap’s global sourcing strategy and has the opportunity to expand due, in part, to its proximity to the U.S. market. With stores located all over the world, “a global sourcing strategy is essential,” Mark D’Sa, a Gap Senior Director of Sourcing and Production, told participants at WorldCity’s Trade Connections event in Miami Dec. 16. He was joined on the panel by Jonathan Bales, representing Hellmann Worldwide Logistics, who oversees the German logistics company’s cruise industry business, and WorldCity President Ken Roberts. Trade… Read More
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Miami trade shows 1st monthly gain since 2008
Miami’s trade with the world is growing again, albeit slightly, ending a string of monthly losses that began in December 2008, according to WorldCity analysis of U.S. Census data released Tuesday (Jan. 12).
The South Florida Customs district was the last Top 15 Customs district in the nation to succomb to the global recession, the only Customs district to register month-over-month trade gains in November 2008, when compared to the previous November, in 2007.
Since that time, no Top 15 Customs district had registered month-over-month gains, a truly spectacular turn of events in a market place accustomed to uninterrupted monthly trade gains for the better part of two decades.
With the release of the November 2009, the good news is that four Top 10 Customs districts and seven of the Top 15 entered positive territory. Overall U.S. trade has yet to recover fully, and was down 2.86 percent. Even that could be heralded as a precursor of good news to come: That was by far the smallest month over month decrease all year.
Miami’s import-export trade with the world grew 1.4 percent. Also growing, for the first time in more than one year, were No. 6 Laredo (1.53 percent), No. 7 Chicago (1.3 percent), No. 8 Seattle (14.69 percent), No. 10 San Francisco (3.34 percent), No. 12 Cleveland (3.87 percent) and No. 15 El Paso (19.72 percent).
Exports fell slightly in South Florida in November, 4.24 percent, but imports charged ahead, up 11.32 percent.
The Miami Customs district, which runs from Palm Beach County in the north to Monroe County in the South, is led by Miami International Airport, the Port of Miami, Port Everglades and the Port of Palm Beach.
With the release of the November data, one month shy of the release of the annual data, the extent of the damage to South Florida trade and trade across the United States is clear.
South Florida’s trade was off $11.52 billion, or 13.81 percent for the year. As depressing as that might sound, the Miami Customs district has suffered less than all other Top 15 Customs districts outside of No. 15 El Paso, which was down $4.55 billion, 9.12 percent, through November.
Overall, U.S. trade was down $794.85 billion through the first 11 months of 2009, or a remarkable 25.12 percent. The Top 5 Customs districts, have taken particularly hard hits. No. 1 Los Angeles is off 23.06 percent, followed by No. 2 New York (26.7 percent), No. 3 Detroit (30.61 percent) and No. 4 Houston (33.05 percent) and No. 5 New Orleans (32.72 percent).
The loss of $11.52 billion in trade in South Florida is largely attributable to a $2.14 billion fall in trade with No. 1 partner Brazil and a $1.91 billion drop with previous No. 2 and current No. 3 trade partner Venezuela.
South Florida trade with Venezuela is likely to deteriorate further in coming months, as the South American nation recently devalued its currency to try to strengthen a flagging economy. That will have an impact on U.S. exports to Venezuela; South Florida is the largest single exporter.
South Florida’s trade for the year will come in close to $80 billion, when statistics for the year are released next month, one year after it eclipsed $90 billion for the first time. That will, nevertheless, be the second-highest total on record.
Other U.S. Customs districts are less fortunate, with several dropping three and four years of trade growth in 2009.
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Gap, Hellmann detail operations at final Trade Connections event of 2009
December 29th, 2009
