California Trade Report for November 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 November trade data in general shows activities easing from the prior month as shippers shifted from holiday stocking, but remained well above trade levels a year ago in November 2023 as a focus remains on building inventories in anticipation of tariff increases in 2025. Total trade through the state’s ports remains on track to set new records this year in both nominal and real terms.

The significance of the state’s ports to overall US trade activity—along with the associated blue-collar, middle-class jobs in trade along with trade-dependent jobs such as in manufacturing—is illustrated in the following charts showing US cargo vessel traffic activity in June 2024 and at the beginning of the pandemic in June 2020.

Source: livingatlas.arcgis.com, US Vessel Traffic, Cargo

The importance of trade to the state’s regional economies is illustrated through the Census Bureau’s data on origin exports by MSA. Overall, California has stabilized at producing just under 9% of the nation’s exports and has done so in large part due to the remaining large manufacturing base in the Los Angeles area. While continuing to struggle with the rising costs of doing business in the state, export-oriented manufacturing remains due to the ability of the region’s ports to provide access to needed supplies and components, and to provide easy access to export markets.