Overall, the national trade deficit declined substantially, with goods and services exports up $8.3 billion from March and imports dropping after the recent goods surges by $68.4 billion. These results, however, indicate much of the goods movement in recent months reflects acceleration of shipments that otherwise would have occurred in April and the upcoming months.
Trade flows in the first two months of 2025 were heavily affected by two factors: accelerated inventory shipments in an effort to stay ahead of the recently imposed tariffs and the annual shifts due to the Chinese New Year holiday in China, which this year straddled both January and February. Total trade through the state’s ports in the first two months was up 14.9% from the same period in 2024 in nominal terms, and up 12.7% in real terms. Both measures represent a new high in trade activity.
Trade flows in the first two months of 2025 were heavily affected by two factors: accelerated inventory shipments in an effort to stay ahead of the recently imposed tariffs and the annual shifts due to the Chinese New Year holiday in China, which this year straddled both January and February. Total trade through the state’s ports in the first two months was up 14.9% from the same period in 2024 in nominal terms, and up 12.7% in real terms. Both measures represent a new high in trade activity.
California’s trade surged in January 2025, with total trade flows rising by $13.5 billion (20.2%) compared to January 2024. Origin exports from the state’s businesses were up $1.1 billion (7.8%), and destination imports into the state were up $8.8 billion (25.7%).
Incorporating the December data, Total Trade through the state’s ports grew to their highest levels in 2024. In nominal terms, Total Trade rose 12.7% over the year and 23.0% compared to pre-pandemic 2019. In real terms, Total Trade was up 12.2% compared to 2023 and 8.1% compared to 2019.
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.
In October, total trade through California’s ports reached its highest monthly level since at least 2003 in both nominal and real values as trade flows were diverted due to port disruptions in Canada and in the East and Gulf coast ports and as cargo owners sought to remain ahead of potential tariff increases in 2025. In nominal terms, total trade was up 33.1% compared to pre-pandemic October 2019, and up 17.6% compared to October 2023. Origin exports rose 5.4% compared to a year ago, while destination imports into the state were up 23.7%.
The September numbers overall came in at strong levels as normal trade activities were affected by labor issues at other ports along the East and Gulf Coasts and in Canada. Origin exports rose 5.9% in nominal terms above the same month a year ago, while total trade through the state’s ports rose to 17.4% of the national total for the month and 16.3% on a 12-month moving average. Trade volumes also reflected continued efforts by shippers to get ahead of expected port closures as well as anticipated tariff increases in the next administration.
The August trade data again showed strong results for California and its ports as shippers continued to surge activity ahead of pending tariffs and the then-threatened East/Gulf labor actions. Origin exports rose 8.3% in nominal terms compared to prior year. Total trade activity through the state’s ports was up 13.6%, with the strongest gains in imports. The August results kept California on track to match the 2023 results in nominal terms, and close to matching in real rerms. The constant doallar terms, however, show the state slightly lagging bor the pre-pandemic and pandemic era peaks.
The July trade data showed strong results for California and its ports as shippers produced an early surge in activity in order to stay ahead of pending tariffs and potential labor actions. Origin exports rose 7.3% in nominal terms compared to a year ago. Total trade activity through the state ports accelerated by 22.7%, with the strongest increases coming from a steep rise in imports.
In nominal terms, total trade through the state’s ports in the first 5 months rose 7.9% over the year and 14.8% over pre-pandemic 2019, but still came in marginally lower than 2022.
The June trade data again showed positive news for California. Origin exports rose 1.6% in nominal terms compared to June 2023. Overall trade activity through the state ports rose 11.9% over this period as imports in particular surged 13.6% as shippers began holiday stocking early in response to rising risks of supply disruptions and looming rises in tariffs.
In nominal terms, total trade through the state’s ports in the first 5 months rose 7.9% over the year and 14.8% over pre-pandemic 2019, but still came in marginally lower than 2022.
The May trade numbers in general showed positive news for California. Both origin exports and destination imports were up compared to May 2023. In nominal dollars, total trade through the state’s ports rose in this period, and the share of total US trade, while remaining well below previous highs, continued edging up.
In nominal terms, total trade through the state’s ports in the first 5 months rose 7.9% over the year and 14.8% over pre-pandemic 2019, but still came in marginally lower than 2022.
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. The data this month includes the annual revisions affecting previous data beginning in 2019. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
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. Total trade through the state’s ports was up $2.2 billion (3.3%) in March compared to the same period a […]
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 Baltimore bridge collapse is the latest event adding to global trade disruptions, coming on the heels of continued […]