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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.
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.
From this perspective, origin exports remain somewhat subdued, but imports—both destination state and activity through the ports—are elevated, reflecting built-up consumer demand now being met through higher consumption along with efforts throughout the supply chain to and combat the current shortages affecting both inventories and production.
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