Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis.
The October data indicated weakening across all trade measures as exports from China continued to be hampered by that country’s lockdown strategies, importers continued to adjust inventory management, and as international economic conditions remained unsettled. Origin exports were down from October 2021 and up only 1.5% in nominal terms from pre-pandemic October 2019. Destination imports were up 2.9% in nominal terms (down in real terms) from the prior year, but still expanded 18.9% from October 2019. Overall trade flows through the state’s ports were up only 1.5% (down in real terms) from October 2021, while both the state’s share of total US trade flows and share of origin exports continued to erode.
As measured by the New York Federal Reserve Global Supply Chain Pressure Index, supply congestion saw only minor change in the latest month but still remained somewhat elevated from prior periods.
Source: New York Federal Reserve
Within California, recent reports indicate backups off the San Pedro ports have largely ended, although November still saw days with some container ships at anchor or loitering. While the immediate threat of a national rail strike was resolved through Congressional action, the West Coast port talks still are ongoing.