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.
Share of Goods through US Ports
18.2%
CA Share Of Total Trade
Through US Ports
The share of total US goods trade (exports and imports) through California ports rose to 18.15% (12-month moving average; compared to 17.99% in January 2021 and 17.31% in February 2020).
California remained the #1 state, ahead of Texas with 16.70% (compared to 16.89% in January 2021 and 18.04% in February 2020). Trade through the Atlantic port states was at 30.71% (compared to 30.64% in January 2021 and 29.85% in February 2020). The state’s continued lead in this area forms the trade-related base for one of California’s largest centers of middle-class, blue-collar jobs. Transportation & Warehousing alone provided 688,900 jobs, down only slightly from 693,600 the year prior.
California Goods Exports Decrease
-$1.1
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
-$19.8
Billion Of Goods Trade
California’s balance of goods trade activity through state businesses broadened to -$19.8 billion, compared to a level of -$12.4 billion in February 2020. California trade accounted for 28% of the US trade deficit in goods in February 2021.
Top 20 Exports, February 2021
Top 20 exports by value are shown below, along with the change from February 2020.
By shipping weight (vessel and air total), the leading export was Waste & Scrap at 0.8 billion kg (30% of total exports), followed by Petroleum & Coal Products at 0.5 billion kg (19%), and Fruits & Tree Nuts at 0.2 billion kg (8%).
| Commodity |
Feb 2021 Exports ($b.) |
Change from Feb 2020 |
| Fruits & Tree Nuts |
$0.8 |
-8.3% |
| Navigational/measuring/medical/control Instrument |
0.8 |
5.2% |
| Industrial Machinery |
0.7 |
16.7% |
| Semiconductors & Other Electronic Components |
0.7 |
-11.4% |
| Pharmaceuticals & Medicines |
0.7 |
23.1% |
| Computer Equipment |
0.7 |
10.1% |
| Motor Vehicles |
0.7 |
-29.7% |
| Miscellaneous Manufactured Commodities |
0.6 |
-38.7% |
| Aerospace Products & Parts |
0.5 |
-22.8% |
| Communications Equipment |
0.5 |
4.6% |
| Waste & Scrap |
0.5 |
27.1% |
| Medical Equipment & Supplies |
0.4 |
-0.6% |
| Other General Purpose Machinery |
0.3 |
15.9% |
| Electrical Equipment & Components, Nesoi |
0.3 |
-24.6% |
| Basic Chemicals |
0.2 |
4.3% |
| Used or Second-hand Merchandise |
0.2 |
-27.8% |
| Foods, Nesoi |
0.2 |
12.5% |
| Plastics Products |
0.2 |
4.0% |
| Commercial & Service Industry Machinery |
0.2 |
-10.9% |
| Motor Vehicle Parts |
0.2 |
-17.1% |
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Top 10 Export Markets, February 2021
| Country |
Feb 2021 Exports ($b) |
Change from Feb 2020 |
| Mexico |
$1.9 |
-3.8% |
| Canada |
1.3 |
2.9% |
| China |
1.0 |
10.4% |
| Japan |
0.9 |
-8.4% |
| Korea, South |
0.9 |
4.1% |
| Belgium |
0.6 |
-13.2% |
| Taiwan |
0.6 |
-5.5% |
| Netherlands |
0.5 |
-14.7% |
| Germany |
0.5 |
-17.0% |
| India |
0.5 |
-16.5% |
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