Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis.
While normally a more subdued period following the holiday-related traffic, the state’s ports broke February records as imports continued to surge. In total value, imports through the state’s ports climbed 23.7% from the year earlier. The number of TEUs (20-foot equivalent units; loaded and empty) moved jumped 46.92% in the Port of Los Angeles, 43.3% in Long Beach, and 6% in Oakland.
While port congestion shows beginning signs of easing, supply chain delays have continued to affect domestic production and business inventories. As business activities have resumed in much of the country and other restrictions have been eased, consumer demand leading to additional congestion is expected to rise especially as a result of the elevated savings rates during the pandemic period.
California Goods Exports Decrease
Billion Change In Exports
Total California goods exports were down $1.1 billion from February 2020 (down 7.9%). California remained in 2nd place with 10.88% of all US goods exports (12-month moving total), behind Texas at 19.41%.
California's Balance for Goods Trade
Billion Of Goods Trade
California’s balance of goods trade activity through state businesses broadened to -$19.8 billion, compared to a level of -$12.4 billion in February 2020. California trade accounted for 28% of the US trade deficit in goods in February 2021.
Top 20 Exports, February 2021
Top 20 exports by value are shown below, along with the change from February 2020.
By shipping weight (vessel and air total), the leading export was Waste & Scrap at 0.8 billion kg (30% of total exports), followed by Petroleum & Coal Products at 0.5 billion kg (19%), and Fruits & Tree Nuts at 0.2 billion kg (8%).
Top 10 Export Markets, February 2021