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California port exports one of the state's bright economic spots

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  • Pacific Merchant Marine Council
    http://www.pmmonlinenews.com/2010/09/exports-and-imports-through-california.html Friday, September 10, 2010 Exports and Imports Through California Climb in
    Message 1 of 1 , Sep 10 11:51 AM


      Friday, September 10, 2010

      Exports and Imports Through California Climb in July, Rest of the Year in Question

      Exporters throughout California remained one of the state's bright economic spots during July as the value of overseas export shipments rose by 21.4 percent over the same month last year.

      The $11.86 billion in goods exported during July surpassed the $9.77 billion the state's exporters sent overseas in July 2009, according to an analysis by Beacon Economics of international trade data released Thursday by the U.S. Commerce Department.

      According to Jock O'Connell, Beacon Economics' International Trade Adviser, July marked the ninth consecutive month of year-over-year increases in California's export trade.

      "California's economy would obviously be in even worse shape were it not for strong foreign demand for goods produced by our manufacturers and farmers," O'Connell said.

      The state's July export trade in manufactured products was up 20.1 percent over July 2009, while shipments of agricultural goods and other non-manufactured products increased by 10.6 percent. In addition, re-exports of items previously imported into the state rose by 32.1 percent.

      Nationwide, California accounted for 11.4 percent of all U.S. merchandise exports in July.

      Despite the recent uptick in activity, O'Connell pointed out that California's export totals are still below pre-recession levels.

      In inflation-adjusted terms, California’s export trade in July 2008 was $12.65 billion, some 6.7% higher than the value of exports this July.

      O'Connell also predicted that the recent growth in California exports would likely decline through the end of the year.

      "Madam Olga’s crystal ball may be full of good cheer, but almost no one else is forecasting brisk growth in world trade this fall,” O’Connell warned. “Instead, governments have been joining businesses and consumers on the economic sidelines. As spending falters and demand shrinks, so too will trade."

      O'Connell added, "There's more than ample reason to be cautiously pessimistic about the next few months."

      Imports through the state were also up in July, with the U.S. Commerce Department numbers reporting that California's merchandise import trade totaled $28.5 billion in July, an increase of 23.8 percent over the year-ago period.

      According to Beacon, California accounted for 17.4 percent of all U.S. merchandise imports in July.


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      New Release! Hosting the 34th annual America's Cup match on San Francisco Bay could result in increased economic activity on the order of $1.4 billion - almost three times the estimated impact of hosting the Super Bowl. Read the complete America's Cup economic impact report prepared by Beacon Economics and the Bay Area Council Economic Institute for the San Francisco Mayor's Office.

      Just Released! The California Trade Report: July marked the 9th consecutive month of growth for California's exports. The value of the state's overseas shipments were 21.4% higher than they were one year ago, in July 2009. Still, the demand for California's goods will likely dampen as governments worldwide tighten their belts. Read the latest coverage in the Sacramento Business Journal and the San Francisco Chronicle. Also, visit Beacon's International Trade Report webpage and see new trade statistics for the U.S. and all 50 states.

      The Beacon Employment Report: California continued to lose jobs in July, but the losses were due almost exclusively to the end of the 2010 census and the associated cutback in temporary Census workers. Overall, industry employment grew in California - a good sign for the direction of the overall labor market. Read the coverage in the Los Angeles Times and the San Francisco Chronicle. Also, see the latest seasonally adjusted employment stats from around the state and the nation at the Beacon Employment Report.

      U.S. & California Forecast: Beacon Economics' new forecast for the U.S. and California economies says "it's not that bad... but it's not that great either." While the short term (2010) is looking relatively bright, 2011 and 2012 may bring a considerable slow down in growth as government interventions, such as the temporary tax cuts, come to an end. See our predictions for U.S. and California employment, home prices, taxable sales, and much more. Click here to go to Beaconomics.

      Beacon's Regional Forecasts Now Available! Beacon Economics' newest economic outlooks for Los Angeles, San Francisco, San Diego and other regions across California are now available. Click here to go to The Regional Outlook.

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