Port of New Bedford, Mass.’s trade decreases 81.84 percent through August

Port of New Bedford, Mass.’s trade with the world fell 81.84 percent, from $35.1 million to $6.38 million through the first eight months of 2019 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 $2.77 trillion, with exports at $1.1 trillion and imports at $1.67 trillion. The nation’s total trade decreased 0.32 percent compared to the same period last year. Exports fell 0.71 percent and imports fell 0.07 percent.

Port of New Bedford, Mass. ranked No. 305 for total trade among the nation’s roughly 450 airports, seaports and border crossings through August of 2019.

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 August Port of New Bedford, Mass.’s top trade partners were No. 1 China, No. 2 South Korea, No. 3 Iceland, No. 4 United Kingdom and No. 5 Cape Verde. Through the same period of the previous year, the top trade partners were held by China, Morocco, India, Vietnam and Bangladesh, respectively.

Taking a closer look at its leading trade partners:

• Trade with No. 1 China fell 60.88 percent to $3.25 million.
  There were no exports. Imports fell 60.88 percent to $3.25 million.
• Trade with No. 2 South Korea totaled $1.16 million.
  There were no exports. Imports totaled $1.16 million.
• Trade with No. 3 Iceland totaled $798,348.
  Exports totaled $798,348. There were no imports.
• Trade with No. 4 United Kingdom rose 95.97 percent to $776,611.
  Exports rose 3274.66 percent to $742,426. Imports fell 90.87 percent to $34,185.
• Trade with No. 5 Cape Verde rose 40.37 percent to $125,575.
  There were no exports. Imports rose 40.37 percent to $125,575.

Port of New Bedford, Mass.’s top five trading partners through August accounted for 95.86 percent of its trade with the world.

Port of New Bedford, Mass. had trade surpluses with six countries and deficits with four through August. That compares with three surpluses and 12 deficits for the same period one year earlier. The top three surpluses through August of this year were with Iceland, $798,348; United Kingdom, $708,241; and Hong Kong, $97,020. The top three deficits through August of this year were with China, $3.25 million; South Korea, $1.16 million; and Cape Verde, $125,575.

Through August its top exports were Value added to a returned import; Meteorological, hydraulic and survey equipment; Parts & Access For Cycles & Invalid Carriages 8714; Compasses and similar navigational instruments; and Rafts, buoys, other misc. floating structures, in that order. Those accounted for 92.18 percent of its total outbound trade. The Port’s top imports were Electric generating sets, rotary converters; Misc. iron or steel structures and parts; Caviar, caviar substitutes, other prepared fish; Men’s or boys’ shirts, not knitted or crocheted; and Motorboats and yachts, accounting for 97.05 percent of all inbound shipments.

Looking more closely at Port of New Bedford, Mass.’s exports:

• Value added to a returned import totaled $742,426. The previous year, there were no exports in this category.
• Meteorological, hydraulic and survey equipment totaled $639,700. The previous year, there were no exports in this category.
• Parts & Access For Cycles & Invalid Carriages 8714 totaled $97,020. The previous year, there were no exports in this category.
• Compasses and similar navigational instruments totaled $70,000. The previous year, there were no exports in this category.
• Rafts, buoys, other misc. floating structures totaled $49,000. The previous year, there were no exports in this category.

On the import side:

• Electric generating sets, rotary converters totaled $3.06 million. The previous year, there were no imports in this category.
• Misc. iron or steel structures and parts totaled $1.16 million. The previous year, there were no imports in this category.
• Caviar, caviar substitutes, other prepared fish rose 40.37 percent compared to last year to $125,575.
• Men’s or boys’ shirts, not knitted or crocheted totaled $81,296. The previous year, there were no imports in this category.
• Motorboats and yachts totaled $70,500. The previous year, there were no imports in this category.

Last year Port of New Bedford, Mass. posted total trade with the world of $44.71 million. The Port’s deficit was $43.88 million. At the end of the year, the port’s top five trade partners were Canada, China, Morocco, India and Vietnam. Exports totaled $410,358 and imports came to $44.29 million.