Subscribe to our free, weekly email newsletter!


Golden State’s exports continue to surge

By Patrick Burnson, Executive Editor
April 15, 2011

California exporters recorded their 16th consecutive month of healthy year-over-year gains in February with shipments totaling $11.76 billion, a 13.4 percent increase over the same month last year, according to an analysis by Beacon Economics of foreign trade data released recently by the U.S. Commerce Department.

Manufactured exports were up 9.4 percent, while non-manufactured exports (chiefly raw materials and agricultural products) rose by 10.6 percent. Re-exports were meanwhile up by 30.8 percent.

“On an inflation-adjusted basis, California’s export trade this February exactly matched the value of our exports in February 2008, before the global economy began its precipitous slide into an abysmal recession,” said Jock O’Connell, Beacon Economics’ International Trade Adviser.

“Growing exports will continue to be an important part of the recovery in the nation and in California,” added Beacon Economics Founding Partner Christopher Thornberg. “The solid employment numbers coming out of San Jose and San Diego can be directly traced to growing technology exports.”

Unlike the United States as a whole, which saw merchandise exports decline 2.3 percent from January to February, California’s exports of goods this February topped the previous month’s total by $17 million.

“Export figures should really be viewed as lagging economic indicators in the sense that cargos departing today are the result of foreign orders for California goods that were placed weeks or even months ago,” O’Connell advised.

“Interpreting February’s numbers does not require a crystal ball but rather a review of news reports from last fall to see what was happening then that might have been informing business expectations about the future,” O’Connell explained.

In an interview with SCMR, O’Connell noted that On the plus side for California exporters, the dollar has fallen 6 percent so far this year against a weighted basket of currencies from America’s major trading partners.

“Most forecasts call for the dollar to move even lower as the year through this year,” he said.

About the Author

image
Patrick Burnson
Executive Editor

Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at .(JavaScript must be enabled to view this email address).


Subscribe to Logistics Management magazine

Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your
entire logistics operation.
Start your FREE subscription today!

Recent Entries

When the United States House of Representatives last week voted extend current law and authorizes surface transportation programs through the end of July by a steep margin, it was widely expected that the United States Senate and follow their lead. That is exactly what happened on Friday, May 22, with the measures headed to President Obama to be signed into law.

For the month of April, Cass and Avondale found that truckload rates in April, which measures truckload linehaul rates paid during the month, were up 3.8 percent annually, while intermodal dropped 1.9 percent annually during the same period.

Following the Pacific Maritime Association (PMA) signing off on ratifying a new five-year contract with the International Longshore & Warehouse Union (ILWU) on May 20, the ILWU followed suite on May 22, saying that 82 percent of its longshore worker members voted to ratify the tentative contract agreement between the parties that was reached on February 22.

Straying from its typical seasonal trajectory, United States-bound waterborne shipments dipped from March to April, according to data recently issued by Panjiva, an online search engine with detailed information on global suppliers and manufacturers.

One theme tied together all of the presentations, regardless of the topic: The importance of data.

Article Topics

News · All topics

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2015 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA