Web Version [link removed] | Update Preferences [link removed] [link removed] California Trade Report
for June 2024
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. [[link removed]]
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 [[link removed]] in response to rising risks of supply disruptions and looming rises in tariffs.
Total trade through the state’s ports in the first half of the year rose 8.6% compared to the same period in 2023 in nominal terms and 8.5% in constant dollars. Again in constant dollars, trade activity in the first half was at its highest level since 2018, although close to matching the comparable level in 2022.
But while origin exports experienced a small rise in June, the state’s overall share of export production continued to decline as goods production activities grow faster in other states. Broken down by MSA using US Census Bureau data [[link removed]], the state’s overall share of origin exports dropped from 10.9% in 2020 to 8.8% in the first quarter of 2024. The nominal value of those exports rose in this period, with the state total going from $155.9 billion in 2020 to an annualized $178.1 billion to date in 2024, but export goods production rose faster in the rest of the country.
Los Angeles-Orange Counties remain the largest center for origin exports in the state, but have seen their overall share drop from 3.5% in 2020 to 2.8% in the latest data, or an overall decline of 19.0% in the share total. The steepest drops have been in the San Francisco MSA—going from 1.7% to 1.1%, or a drop of 35.0%–and San Jose—going from 1.4% to 1.1%, or a drop of 22.6%. The rest of California has seen less erosion with a drop of 9.7%, as has the Inland Empire with a drop of 12.3%.
Share of Goods Through US Ports 15.8% CA Share of Total Trade
Through US Ports
The share of total US goods trade (exports and imports) through California ports edged up to 15.95% (12 month moving average; compared to 15.84% in May 2024 and 15.44% in June 2023). While improving, California’s share of trade activity remains well below the series high of 20.5% held in 2004.
California remained the #2 state, behind Texas with 20.19% (compared to 20.19% in May 2024 and 20.06% in June 2023). Trade through the Atlantic port states was at 29.63% (compared to 29.78% in May 2024 and 29.94% in June 2023). This trade forms the base of one of California’s largest centers of middle-class, blue-collar jobs. Transportation & Warehousing alone provided 755,300 jobs in June 2024, compared to 756,300 in June 2024.
California Goods Exports $0.2 Billion Change
in Exports
Total California origin goods exports rose $0.2 billion from June 2023 (up 1.6%). California remained in 2nd place with 8.73% of all US goods exports (12 month moving total), behind Texas at 22.32%.
California Goods Imports $4.7 Billion Change in Imports
Total California destination goods imports rose $4.7 billion from June 2023 (up 12.7%).
Top 20 Exports, June 2024
Top 20 exports by value are shown below, along with the change from June 2023.
Top 10 Export Markets, June 2024 Read the report online [[link removed]] The California Center for Jobs and the Economy provides an objective and definitive source of information pertaining to job creation and economic trends in California. [[link removed]] Contact 1301 I Street Sacramento, CA 95814 916.553.4093 If you no longer wish to receive these emails, select here to unsubscribe. [link removed]
