October 22, 2017

International Business

Stronger International Markets Buoying Florida

Still, challenges remain.

Mike Vogel | 11/1/2009

? Trading partners

Trade Trends

Ken Roberts, president of WorldCity, a Miami media company that tracks global trade, sees the following trends in Florida customs data:

 Brazilian trade is down because fewer Brazilian-made Embraer jets have been coming into Fort Lauderdale, where Embraer has its U.S. headquarters.

> As oil prices fell, Venezuela had less money to spend buying tractors, cell phones and computers so its trade out of Miami is down.

> With so many people trading their gold for cash, trade with Switzerland is up as scrap precious metals leave here for there.

Jacksonville/Tampa Trade —
Market Share? Top 10 Countries

July 09 YTD (millions) Market Share 7-Year Share Change
$1,410 10.9% -51.1%
1,012 7.8 25.3
801 6.2 -1.3
693 5.3 -67.7
618 4.8 -29.4
554 4.3 346.4
Saudi Arabia
525 4.1 195.0
508 3.9 740.0
United Kingdom
396 3.1 -17.0
Colombia 362 2.8 145.4
Market Share of Top 10 53% ?
Source: WorldCity
> The part of Florida that makes up the Jacksonville/Tampa customs district was second only to the U.S. Virgin Islands this year in the percentage drop in the dollar value of its trade. "What becomes readily apparent in looking at the data is how terribly the Jacksonville/Tampa customs district is suffering relative to not only its history but also the rest of the country. All customs districts are getting hammered, but not like Jacksonville/Tampa."

> Copper is off at Panama City, which is the nation’s leading copper port.

> Motor vehicles and fuel are off in Jacksonville.

> Miami, meanwhile, the nation’s only customs district to have a trade surplus for 15 straight years, is "holding up relatively well, under the circumstances." Its strength in exports and a less severe recession in Latin America kept exporting at a "moderate clip." In total dollar value of trade, Miami, through July, is having its worst year since 2006 while Jacksonville/Tampa hasn’t been this low since 2004. Miami is off 15% through July while Jacksonville/Tampa is down 46%. With Jacksonville/Tampa down and Miami less so, Miami’s share of Florida trade is at a high — 77% of Florida’s $56.9 billion total, he adds.

Tags: Banking & Finance

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