Low Value’s trade decreases 12.16 percent through May
Low Value’s trade with the world fell 12.16 percent, from $7.74 billion to $6.8 billion through the first five months of 2020 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data.
During the same time period, the nation’s total trade was $1.48 trillion, with exports at $582.11 billion and imports at $898.44 billion. The nation’s total trade decreased 13.61 percent compared to the same period last year. Exports fell 15.09 percent and imports fell 12.63 percent.
Low Value ranked No. 48 for total trade among the nation’s roughly 450 airports, seaports and border crossings through May of 2020.
The nation’s top five “ports” — airports, seaports and border crossings — so far this year, by value, are Port of Los Angeles; Port Laredo; Chicago O’Hare International Airport; Port of Newark and John F. Kennedy International Airport.
Through May Low Value’s top trade partners were No. 1 China, No. 2 Canada, No. 3 Mexico, No. 4 Germany and No. 5 Japan. Through the same period of the previous year, the top trade partners were held by China, Canada, Mexico, Germany and Japan, respectively.
Taking a closer look at its leading trade partners:
- Trade with No. 1 China fell 10.47 percent to $1.37 billion.
There were no exports. Imports totaled $1.37 billion.
- Trade with No. 2 Canada fell 13.45 percent to $959.52 million.
There were no exports. Imports totaled $959.52 million.
- Trade with No. 3 Mexico fell 13.14 percent to $958 million.
There were no exports. Imports totaled $958 million.
- Trade with No. 4 Germany fell 10.79 percent to $561.96 million.
There were no exports. Imports totaled $561.96 million.
- Trade with No. 5 Japan fell 17.56 percent to $458.45 million.
There were no exports. Imports totaled $458.45 million.
Low Value’s top five trading partners through May accounted for 63.35 percent of its trade with the world.
Low Value had trade surpluses with zero countries and deficits with 228 through May. That compares with 228 surpluses and zero deficits for the same period one year earlier. The top three surpluses through May of this year were with Gaza Strip Administred By Israel, $0; Norfolk Island, $1; and Guinea-Bissau, $58. The top three deficits through May of this year were with China, $1.37 billion; Canada, $959.52 million; and Mexico, $958 million.
Through May its top exports only exports by value May was , in that order. Those accounted for 0 percent of its total outbound trade. The Port’s top imports only imports May was , accounting for 0 percent of all inbound shipments.
Looking more closely at Low Value’s exports:
- totaled $0. The previous year, there were no exports in this category.
On the import side:
- totaled $0. The previous year, there were no imports in this category.
Last year Low Value posted total trade with the world of $18.83 billion. The Port’s deficit was $18.83 billion. Exports totaled $0 and imports came to $18.83 billion.