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.
Overall trade levels showed some mixed results in the October data. Both origin exports and destination imports (including both goods produced/used in the state as well those identified with other states but supporting California supply chain jobs such as in wholesaling and freight forwarders) were down compared to October 2022.
In nominal terms, total trade through the state’s ports, however, was up 1.7% compared to a year ago, and the state’s share of total goods trade through US ports remained in an essentially level trough on a 12-month moving average basis. While resolution of the West Coast labor negotiations and potential shift of labor issues to the Atlantic ports appear to have helped staunch the loss in market share on which millions of California jobs depend, drought affecting traffic through the Panama Canal also continues to provide a temporary competitive edge to the California ports.
Again in nominal terms, total trade through the state’s ports year-to-date was down from the same period during the banner year of 2022, but up 8.6% from the previous “normal” year in 2019.
In constant dollars, however, total trade through the ports is down from the same period in the previous two years, and remains 4.2% short of recovering to the 2019 levels.