Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis.
Although conditions are now easing, the West Coast ports continued to be swamped in March by the surge in imports as companies sought to rebuild inventories and as consumer demand for a broader range of products resumes. Pacific Merchant Shipping Association reports the number of containers handled by Port of Los Angeles was up 122.5% from the same month a year ago, and up 74.0% at Port of Long Beach and 30.5% at Port of Oakland. From the Census data, the value of containerized imports handled by Los Angeles ($21.3 billion) was 74% above number two Newark, NJ ($12.2 billion). Exports were a different matter. Los Angeles ($2.23 billion) ranked number four in the value of containerized exports, behind Houston ($2.72 billion), New York ($2.67 billion), and Norfolk-Newport News ($2.52 billion). Number six Long Beach ($2.16 billion) came in just behind Savannah, GA ($2.18 billion).
California Goods Exports Increase
Total California goods exports rose $1.3 billion from March 2020 (up 9.3%), reaching their highest level since the pandemic began. California remained in 2nd place with 10.84% of all US goods exports (12 month moving total), behind Texas at 19.27%.
California's Balance for Goods Trade
California’s balance of goods trade activity through state businesses broadened to -$23.4 billion, compared to a level of -$15.2 billion in March 2020. California trade accounted for 27% of the US trade deficit in goods in March 2021.
Top 20 Exports, March 2021
Top 20 exports by value are shown below, along with the change from March 2020.
By shipping weight (vessel and air total), the leading export was Waste & Scrap at 0.8 billion kg (40% of total exports), followed by Fruits & Tree Nuts at 0.2 billion kg (12%), and Other Agricultural Products at 0.2 billion kg (10%).