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.
The state’s trade position improved somewhat in January, with origin exports up 9.3% (6.8% real) compared to January 2022, and destination imports down 11.0% (down 11.7% real) as consumers continued to shift purchasing patterns from goods to services. In real terms, the January numbers still fall short of recovery, with origin exports down 4.3% from January 2019 and destination imports off 7.1%.
Overall, the state’s position as a trade gateway continued to erode from uncertainty coming from the protracted labor negotiations, increasing costs due to the state’s energy policies, and warehousing congestion. Total trade through the state’s ports was down 2.1% in nominal terms from the prior year. The percentage of total US trade through the state’s ports continued slipping to 15.90% compared to the near-term high of 18.27% in March 2021 and the previous high of 19.99% at the beginning of the current data series in December 2004.