Norfolk Top Trading Partners
Total trade: $61.16 billion
January – December 2017
Top U.S. Trading Partners
Total U.S. trade: $3.89 trillion
Norfolk’s trade increases 2.24 percent through December
Norfolk’s trade with the world rose 2.24 percent, from $59.83 billion to $61.16 billion in 2017 when compared to the same period the previous year, according to a WorldCity analysis of latest U.S. Census Bureau data. Norfolk’s exports increased 4.33 percent while imports rose 0.63 percent. Norfolk’s deficit was $6.93 billion.
Through December the district’s top five trade partners were No. 1 China, No. 2 Germany, No. 3 Japan, No. 4 Brazil and No. 5 India compared to the same period last year when the top five were No. 1 China, No. 2 Germany, No. 3 Japan, No. 4 United Kingdom and No. 5 India, respectively.
Taking a closer look at the leading trade partners with Norfolk:
- Trade with No. 1 China rose 5.35 percent to $13.47 billion.
Exports rose 21.37 percent to $3.07 billion. Imports rose 1.41 percent to $10.41 billion.
- Trade with No. 2 Germany fell 1.69 percent to $3.9 billion.
Exports fell 8.92 percent to $1.51 billion. Imports rose 3.53 percent to $2.39 billion.
- Trade with No. 3 Japan rose 3.46 percent to $3.53 billion.
Exports fell 1.74 percent to $1.02 billion. Imports rose 5.73 percent to $2.51 billion.
- Trade with No. 4 Brazil rose 59.62 percent to $3.4 billion.
Exports rose 114.4 percent to $2.23 billion. Imports rose 7.23 percent to $1.17 billion.
- Trade with No. 5 India fell 5.19 percent to $2.52 billion.
Exports fell 7.62 percent to $816.96 million. Imports fell 3.98 percent to $1.7 billion.
Norfolk’s top five trading partners through December accounted for 43.86 percent of its trade with the world. The U.S. average for the same time period was 55.3 percent.
Norfolk had trade surpluses with 136 countries and deficits with 73 through December. That compares with 142 surpluses and 67 deficits for the same period one year earlier. The top three surpluses through December of this year were with Belgium, $1.79 billion; Brazil, $1.07 billion; and United Kingdom, $954.99 million. The top three deficits through December of this year were with China, $7.34 billion; Japan, $1.49 billion; and Vietnam, $1.14 billion.
Top Exports from Norfolk
Total Exports: $27.12 billion
|1||Plasma, vaccines, blood||$1,736,678,468|
|2||Motor vehicle parts||$1,426,374,015|
|5||Chemical wood pulp, not dissolving grade||$626,844,318|
|6||Wood, sawed or chipped, greater than 6 meters thic||$595,755,426|
|7||Nonelectric rail locomotives, tenders||$552,413,462|
|8||Medical instruments for surgeons, dentists, vets||$493,798,950|
|9||Polyamides, primary forms||$372,840,343|
|10||Heterocyclic chemical compounds||$369,361,651|
January – December 2017
Top Imports to Norfolk
Total Imports: $34.05 billion
|1||Printers, all types, parts||$2,162,436,590|
|3||Motor vehicle parts||$1,147,419,429|
|4||Toys, children’s bicycles, games||$815,764,434|
|5||Motor vehicles for transporting people||$780,232,064|
|6||Medicines in individual dosages||$779,521,959|
|7||Seats, excluding barber, dental||$670,849,390|
|10||Photo-sensitive semi-conductors, parts||$458,790,914|
Meanwhile, total U.S. trade with the world increased to $3.89 trillion, up 6.77 percent compared to the same period last year. The nation’s exports climbed 6.4 percent to $1.55 trillion; imports climbed 7.02 percent to $2.34 trillion. The nation’s top five customs districts so far this year, by value, are Los Angeles; New York City; Laredo; Detroit and Chicago. The overall trade deficit was $796.17 billion, up compared to the same period of last year when the deficit was $735.46 billion.
Norfolk’s top five exports by value through December were Plasma, vaccines, blood; Motor vehicle parts; Soybeans; Raw tobacco; and Chemical wood pulp, not dissolving grade, in that order. They accounted for 20.34 percent of total exports from Norfolk.
Norfolk’s top five imports by value through December were Printers, all types, parts; Furniture, parts; Motor vehicle parts; Toys, children’s bicycles, games; and Motor vehicles for transporting people. They accounted for 17.84 percent of all inbound shipments.
Looking more closely at Norfolk’s exports:
- Plasma, vaccines, blood rose 10.26 percent compared to last year to $1.74 billion.
- Motor vehicle parts rose 114.86 percent compared to last year to $1.43 billion.
- Soybeans fell 1.7 percent compared to last year to $937.27 million.
- Raw tobacco fell 4.09 percent compared to last year to $789.53 million.
- Chemical wood pulp, not dissolving grade rose 2.62 percent compared to last year to $626.84 million.
On the import side:
- Printers, all types, parts rose 4.33 percent compared to last year to $2.16 billion.
- Furniture, parts rose 8.36 percent compared to last year to $1.17 billion.
- Motor vehicle parts fell 10.7 percent compared to last year to $1.15 billion.
- Toys, children’s bicycles, games fell 11.18 percent compared to last year to $815.76 million.
- Motor vehicles for transporting people rose 35.01 percent compared to last year to $780.23 million.
Last year the Norfolk customs district posted total trade with the world of $59.83 billion. The district’s deficit was $7.84 billion. At the end of the year, the custom’s districts top five trading partners were China, Germany, Japan, United Kingdom and India. Exports totaled $25.99 billion and imports came to $33.83 billion.