15 January 2012
Miami’s trade with the world topped $100 billion for the first time ever in 2010, according to U.S. Census Bureau data released Friday and analyzed by WorldCity.
Export import trade through the first 11 months of the year rose to $103.05 billion, up $16.25 billion compared to the same period in 2009.
Miami is only the 11th U.S. Customs district to top the $100 billion milestone in U.S. history.
Cleveland will also have topped the $100 billion mark, the annual trade data will reveal when it is released on Feb. 10. Through the first 11 months of 2011, its trade stood at $99.53 billion.
Miami’s recent growth has been led less by its role as the shopping cart for a wide variety of exports to Latin America than its role as a symbol of the global economy.
As uncertainty has hung over the worldwide economy, Miami has become the leading U.S. importer of gold, largely from Mexico and Colombia, and the nation’s leading exporter of scrap of precious metal, almost exclusively being shipped to Switzerland.
Gold, whose value has appreciated significantly in recent years, is seen as a safe harbor in difficult times by some investors.
Colombia is now Miami’s No. 2-ranked trade partner, behind only Brazil, due less to the signing of the free trade agreement than the gold shipments. Mexico is now No. 10, also because of gold imports into South Florida.
Due to high value and security needs, it is almost exclusively flown into Miami International Airport.
Switzerland is now No. 3, its trade having increased 277 percent in three years. Overall Miami trade has increased 23.61 percent in that time. Nine years ago, Switzerland was Miami’s No. 32-ranked trade partner.
The Miami Customs district is led by Miami International Airport and the seaports of Miami, Port Everglades and Palm Beach. It covers Miami-Dade, Broward, Palm Beach and Monroe counties.
It is the nation’s No. 11-ranked Customs district, trailing New York City, Los Angeles, Houston, Detroit, New Orleans, Laredo, Chicago, Seattle, Savannah and San Francisco, respectively.