California Trade Report for June 2024

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 June trade data again showed positive news for California. Origin exports rose 1.6% in nominal terms compared to June 2023. Overall trade activity through the state ports rose 11.9% over this period as imports in particular surged 13.6% as shippers began holiday stocking early in response to rising risks of supply disruptions and looming rises in tariffs.

Total trade through the state’s ports in the first half of the year rose 8.6% compared to the same period in 2023 in nominal terms and 8.5% in constant dollars. Again in constant dollars, trade activity in the first half was at its highest level since 2018, although close to matching the comparable level in 2022.

But while origin exports experienced a small rise in June, the state’s overall share of export production continued to decline as goods production activities grow faster in other states. Broken down by MSA using US Census Bureau data, the state’s overall share of origin exports dropped from 10.9% in 2020 to 8.8% in the first quarter of 2024. The nominal value of those exports rose in this period, with the state total going from $155.9 billion in 2020 to an annualized $178.1 billion to date in 2024, but export goods production rose faster in the rest of the country.

Los Angeles-Orange Counties remain the largest center for origin exports in the state, but have seen their overall share drop from 3.5% in 2020 to 2.8% in the latest data, or an overall decline of 19.0% in the share total. The steepest drops have been in the San Francisco MSA—going from 1.7% to 1.1%, or a drop of 35.0%–and San Jose—going from 1.4% to 1.1%, or a drop of 22.6%. The rest of California has seen less erosion with a drop of 9.7%, as has the Inland Empire with a drop of 12.3%.