Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis.
While goods flow through the state’s ports have largely returned to pre-pandemic levels and begun an expansion, port congestion continues to delay shipments, adding to shortages of both components and finished goods and contributing to the current inflationary surge. On August 5, the Marine Exchange reported 29 container ships and 53 ships total waiting anchored offshore the San Pedro Bay ports, up from 25/43 ships the week prior. The ports, however, are only at the beginning of the supply chain congestion, with rail capacity, shortages of truck drivers, and a drive by companies to rebuild inventories all contributing to the system-wide issues that extend beyond California to ports in other states and nations as well.
California Goods Exports
Total California goods exports were up $3.3 billion from June 2020 (recovered 27.8%). In real terms, goods exports rose only 0.9% on an annual basis compared to June 2019. California remained in 2nd place with 10.64% of all US goods exports (12-month moving total), behind Texas at 19.84%.
California's Balance for Goods Trade
California’s balance of goods trade activity through state businesses broadened to -$24.9 billion, compared to a level of -$20.6 billion in June 2020. California trade accounted for 26% of the US trade deficit in goods in June 2021.
Top 20 Exports, June 2021
Top 20 exports by value are shown below, along with the change from June 2020.