Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
California Goods Exports Decrease
Billion in Exports
Total California goods exports plunged $1.9 billion from August 2019 (down 12.9%). California remained in 2nd place with 10.79% of all US goods exports (12 month moving total), behind Texas at 20.06%.
Exports for the rest of the US were down even sharper at 14.8%. However, this outcome reflects a continuing trend since the economic crisis began in March. California’s continued reliance on Asian markets combined with a stronger economic recovery in China have shielded some of the state’s export business, while manufacturing levels and related cross-border trade in the supply chains with plants in Canada and Mexico have affected trade numbers in other states.
California's Balance for Goods Trade
Billion of Goods Trade
California’s balance of goods trade activity through state businesses broadened to -$23.3 billion, compared to a level of -$20.2 billion in August 2019. California trade accounted for 27% of the US trade deficit in goods in August 2020.
Top 20 Exports, August 2020
Top 20 exports by value are shown below, along with the change from August 2019. As the domestic sale of electric vehicles has sagged in California and the rest of the US, Tesla continues to seek export sales in the EU and China to sustain its growth.
By shipping weight (vessel and air total), the leading export was Waste & Scrap at 1.1 billion kg (35% of total exports), followed by Petroleum & Coal Products at 0.7 billion kg (23%), and Other Agricultural Products at 0.2 billion kg (6%).
Top 10 Export Markets, August 2020