WorldCity Business Magazine

(4-c) Miami Trade 2008 Q1 (Imports) - Four of Top 10 Drop

by WC

Four of South Floridas top 10 imports were down in the first quarter, when compared to the same three months of 2007, according to WORLDCITY analysis of U.S. Census data. But there were two bright spots in the top 10: Aircraft and gold.

Overall, imports rose a slight 5.2 percent, a fraction of the 17.9 percent growth for exports. Nationwide, exports are growing more rapidly than imports, largely due to a slowing U.S. economy and a weak U.S. dollar.

Imports of landline and cellular phone equipment recorded the biggest drop, down 21.9 percent or almost $61 million. While South Korea and China are the largest cell phone producers, Miami also imports cell phones from Brazil, and those imports also fell, from $83.5 million to $10.7 million.

Mens or boys suits also fell more than $60 million in the first quarter, dropping out of the top 10, to No. 13 from No. 7. In the first quarter of 2002, mens and boys suits were South Floridas No. 2 import.

As Asia, particularly China, has become a player in the apparel industry, it has had a disastrous effect on the Dominican Republic, in particular, and Central America generally. Apparel imports from the D.R. fell from $62.5 million to $29 million, and allowed Colombia to overtake it as the No. 1 source of imports for South Florida.

South Floridas aircraft imports come from Embraer in Brazil and enter the country at Fort Lauderdale-Hollywood International Airport, where the companys North American headquarters is based. Gold enters at Miami International Airport, about a fourth of it from Colombia. MIA is the fifth-leading port of entry into the U.S. behind three New York state entry points and Atlanta Hartsfield-Jackson International Airport.