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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2009 U.S. import-export trade tumbles across the board
U.S. trade with the world in 2009 fell to its lowest level since 2005, according to WorldCity analysis of annual Census data released today (Feb. 10), closing the books on the worst year for import-export trade in decades if not ever.
The trade data is a sea of red ink, with only two Customs districts registering gains in 2009 — No. 29 Anchorage, Alaska, and No. 35 Washington, D.C. — and only Costa Rica, among the nation’s Top 50 trade partners, in the black.
Total U.S. trade fell to $2.61 trillion, down a whopping 22.89 percent from the record $3.39 trillion registered in 2008. The dollar loss was $776.27 billion.
Total exports managed to top $1 trillion for the fourth consecutive year, but fell 17.9 percent, or $230.51 billion. Imports really tumbled, falling from a record $2.1 trillion in 2008 to $1.56 trillion in 2009 — a level not seen since 2004. Imports fell $545.76 billion, or more than $10 billion per week.
With imports falling so precipitously, the U.S. trade deficit lessened, from $816.2 billion in 2008, the second highest total on record, to $500.94 billion in 2009, the lowest deficit since it was last under $500 billion in 2002.
For the first time, one nation accounts for more than 50 percent of the U.S. trade deficit. That country is China and the total deficit in 2009 was $226.83 billion — which is nevertheless the fourth highest tally in the last four years.
Overall, the United States registed a trade surplus with 142 nations in 2009, two more than in 2008, and a trade deficit with 91. Just 14 countries, including China, account for 99 percent of the deficit. Mexico and Germany have the second- and third-largest deficits, followed by Germany, Ireland, Canada and Venezuela.
The nation’s largest trade partner and busiest Customs district remained unchanged in 2009 — Canada and Los Angeles, respectively.
In fact, the top eight positions remained unchanged — following Canada were China, Mexico, Japan, Germany, the United Kingdom, South Korea and France. The new No. 9 is the Netherlands, up four positions, and the new No. 10 is Taiwan, up two positions. Falling from the Top 10 were Saudi Arabia, which fell from No. 8 to No. 20, and Venezuela, which slipped five to No. 15. Oil prices fell by about half in 2009, from “bubble” prices in the summer of 2008.
With Customs districts, New York City held on to its customary No. 2 ranking while Detroit recaptured its No. 3 position from Houston, which slipped to No. 4, hurt by falling oil prices. New Orleans, Laredo, Chicago and Seattle held their 2008 positions of Nos. 5-8, respectively. The Savannah Customs district, which includes Atlanta, slipped past San Francisco to finish No. 9.
Updates to this story forthcoming.
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