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 May data shows deeper effects stemming from the global supply disruptions that began with the closures in China. As shown in the table below, goods trade with China, Hong Kong, and Macau through the state’s ports was down 10.8% from the year earlier, a marked improvement from the March slide of 34.0% but showing erosion from the April numbers. May exports to this area were little changed from April, but imports were down substantially—an indication of lowered consumer spending along with continued global supply chain disruptions as Chinese production struggles to revive first in the face of the previous closures and second as they deal with a continuing wave of canceled orders.
|Trade through California Ports ($ billion):
China, Hong Kong, Macau
|May 2019||May 2020||Change|
|Total Trade Activity||$21.4||$19.1||-10.8%|
California Goods Exports Drop
Total California goods exports dropped $4.9 billion from May 2019 (down 32%). California remained in 2nd place with 10.56% of all US goods exports (12 month moving total), behind Texas at 20.26%.
California's Balance for Goods Trade
California’s balance of goods trade activity through state businesses narrowed to -$16.7 billion, compared to a level of -$20.6 billion in May 2019. California trade accounted for 23% of the US trade deficit in goods in May 2020.
Top 20 Exports, May 2020
Top 20 exports by value are shown below, along with the change from May 2019.
By shipping weight (vessel and air total), the leading export was Waste & Scrap at 0.8 billion kg (29% of total exports), followed by Petroleum & Coal Products at 0.7 billion kg (24%), and Other Agricultural Products at 0.2 billion kg (8%).
|Commodity||May 2020 Exports ($b.)||Change from May 2019|
|Semiconductors & Other Electronic Components||$0.7||-13.7%|
|Fruits & Tree Nuts||0.7||-7.2%|
|Pharmaceuticals & Medicines||0.5||-7.3%|
|Aerospace Products & Parts||0.4||-43.3%|
|Medical Equipment & Supplies||0.3||-44.2%|
|Waste & Scrap||0.3||-25.4%|
|Electrical Equipment & Components, Nesoi||0.3||-20.3%|
|Miscellaneous Manufactured Commodities||0.2||-82.1%|
|Other General Purpose Machinery||0.2||-24.2%|
|Commercial & Service Industry Machinery||0.2||-23.7%|
|Petroleum & Coal Products||0.2||-61.9%|
Top 10 Export Markets, May 2020
|Country||May 2020 Exports ($b)||Change from May 2019|