The July trade figures in general continue to show a degree of recovery when compared to the 2019 pre-pandemic levels, but only regaining ground rather than moving forward. On an annualized basis, import flows were up 3.1% annually from 2019 in nominal terms, and export flows up 3.3%. In real terms, both were essentially unchanged.
The July trade figures in general continue to show a degree of recovery when compared to the 2019 pre-pandemic levels, but only regaining ground rather than moving forward. On an annualized basis, import flows were up 3.1% annually from 2019 in nominal terms, and export flows up 3.3%. In real terms, both were essentially unchanged.
While goods flows through the state’s ports have largely returned to pre-pandemic levels and begun an expansion, port congestion continues to delay shipments, adding to shortages of both components and finished goods and contributing to the current inflationary surge.
While many of the May numbers show substantial increases over the prior year, these outcomes are due to comparisons at the low levels from May 2020 when world trade was substantially restrained by the pandemic. Comparisons instead against numbers from 2019 give a more realistic picture of ongoing trends and the extent to which trade activities in the state are moving towards recovery.
While normally more subdued period following the holiday related traffic, the state’s ports broke February records as imports continued to surge. In total value, imports through the state’s ports climbed 23.7% from the year earlier. The number of TEUs (20-foot equivalent units; loaded and empty) moved jumped 46.92% in the Port of Los Angeles, 43.3% in Long Beach, and 6% in Oakland.
While normally more subdued period following the holiday related traffic, the state’s ports broke February records as imports continued to surge. In total value, imports through the state’s ports climbed 23.7% from the year earlier. The number of TEUs (20-foot equivalent units; loaded and empty) moved jumped 46.92% in the Port of Los Angeles, 43.3% in Long Beach, and 6% in Oakland.
While normally more subdued period following the holiday related traffic, the state’s ports broke February records as imports continued to surge. In total value, imports through the state’s ports climbed 23.7% from the year earlier. The number of TEUs (20-foot equivalent units; loaded and empty) moved jumped 46.92% in the Port of Los Angeles, 43.3% in Long Beach, and 6% in Oakland.
Trade activity has substantially recovered from its earlier plunge at the beginning of the pandemic period. Incomes except for the lower wage workers predominately affected by the state’s closures have largely been maintained during this period both through the rapid adjustment of employers to teleworking and the transfer payments enacted by the federal and now state governments through the various COVID relief measures. The most recent personal income data from US Bureau of Economic Analysis indicates California personal income was essentially stable in the 3rd quarter of 2020, edging down marginally by 0.4% from the previous quarter (workplace earnings up 6.9% but transfer payments down 17.4%) but up 8.8% from the same period in 2019 (earnings up 2.5%; transfer payments up 54.6%). This income stability has maintained consumer demand for many products, especially imported products, although savings rates have also increased and the product mix within that demand has shifted in response to the current conditions.
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis.
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. California origin exports—including both products produced in the state and products aggregated by exporting firms—remained below the 2019 levels. Origin imports—both products used in the state and aggregated by state-based importers for subsequent distribution to […]
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. California origin exports—including both products produced in the state and products aggregated by exporting firms—showed further recovery but remained […]
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.
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.
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.
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. As measured by trade with China, the June numbers show a substantial easing of the previous global supply disruptions […]