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.
While partial progress appears to have been made finally in the extended West Coast port labor talks, the uncertainty rising over these negotiations combined with growing concerns over a potential recession have seen a growing shift of trade traffic to the other coasts. The overall trade numbers for California were down for the year in the latest data for March.
California Goods Exports
Total California goods exports were down $0.7 billion from March 2022 (down 4.3%) in nominal terms. In real terms, exports compared to pre-pandemic March 2019 were not substantially changed, down 6.2%.
California remained in 2nd place with 8.83% of all US goods exports (12 month moving total), behind Texas at 23.14%.
California Goods Imports
Reflecting a number of factors—including continuing uncertainty over the West Coast port labor talks and uncertainty over a potential downturn later this year—total California destination goods imports were down sharply by $9.7 billion from March 2023 (down 20.5%) in nominal terms. In real terms, however, imports were up 9.7% compared to pre-pandemic March 2019.
Top 20 Exports, March 2023
Top 20 exports by value are shown below, along with the change from March 2022.
|NAICS Commodity||March 2023 Exports ($b.)||Change from March 2022|
|Fruits & Tree Nuts||0.9||-2.6%|
|Miscellaneous Manufactured Commodities||0.9||16.7%|
|Semiconductors & Other Electronic Components||0.9||-25.9%|
|Aerospace Products & Parts||0.8||39.0%|
|Pharmaceuticals & Medicines||0.8||-19.4%|
|Medical Equipment & Supplies||0.6||12.9%|
|Petroleum & Coal Products||0.6||5.8%|
|Electrical Equipment & Components, Nesoi||0.5||17.8%|
|Waste & Scrap||0.5||0.4%|
|Commercial & Service Industry Machinery||0.4||24.2%|
|Other General Purpose Machinery||0.3||-21.0%|
|Used Or Second-hand Merchandise||0.3||-22.4%|
|Motor Vehicle Parts||0.3||7.2%|
|Other Fabricated Metal Products||0.3||-2.1%|
Top 10 Export Markets, March 2023
|Country||March 2023 Exports ($b.)||Change from March 2022|