26 April 2011
Miami's trade with the world set new records for total trade, total exports, total imports and trade surplus through the first two months of 2011, according to WorldCity analysis of the most recently released U.S. Census Bureau data.
South Florida's total trade through February was $16.14 billion, an increase of 17.93 percent over the same two months in 2010, breaking the record set that year. U.S. trade grew slightly faster, up 18.9 percent for the same period en route to establishing a new record at $543.13 billion, breaking the 2008 mark.
Total Miami exports were $9.93 billion, an increase of 17.82 percent over the same period of 2010, also breaking the record set last year. Nationally, exports increased 18.05 percent through February, when compared to the previous year. The $220.04 billion total surpassed the previous record, set in 2008.
Total imports entering the Miami Customs district through the first two months of 2011 were valued at $6.21 billion, an increase of 18.1 percent, breaking the mark set in 2008. The national increase was 19.49 percent, but fell shy of the 2008 record by 3.1 percent..
The trade surplus registered by Miami through February was $3.72 billion, an increase over the $3.17 billion in the first two months of 2010 and the record $3.42 billion in 2009. The United States and most individual Customs districts run a trade deficit. Through the first two months of 2011, the U.S. deficit was $1013.05 billion, the fifth highest total on record.
Miami remained the No. 11-ranked Customs district in the nation. New York City, as it has been two of the last four years, ranked No. 1 through February, ahead of Los Angeles. For all but one year in the last two decades, Los Angeles has ended the year as the nation's No. 1-ranked Customs district.
Twenty-one of Miami's top 25 trade partners are trading at record levels, from regular No. 1 Brazil to No. 25 Haiti. The exceptions are France, Italy, the United Kingdom and Japan. Trade with Brazil and No. 3 Venezuela grew the most in the first two months of the year, up $518.87 million and $265.37 million, respectively.
The fastest-growing exports were the top export, aircraft, engines and parts, which increased $140.15 million, and the second most important export, scrap of precious metal, which increased $147.92 million in one year's time. Eight of the top 10 were at record levels through the first two months of the year, The exceptions were computer parts and motor vehicles.
On the import side, gold is the number one import. Although gold finished 2010 as Miami's No. 1 import, it was No. 2 for the same two months of 2010. Electronic integrated circuits, or computer chips, ranked No. 157 through the first two months of 2010 but had jumped all the way to No. 2 by the first two months of 2011, on an increase of more than 12,000 percent. Seven of the top 10 imports set new records, including fresh-cut flowers, which is coming off the critical Valentine's Day holiday.