Statistics

Philadelphia falls just shy of $70 billion on rapid growth

February 13th, 2007

Philadelphia bolstered its position as the United States’ most important gateway for Nigerian crude oil in 2006, importing $9.7 billion-worth of energy products from the African nation a gain of 9 percent. Oil imports made up virtually all of the trade between Philadelphia’s and its most important trade partner.

The energy imports came against a backdrop that saw Philadelphia register $69.2 billion in total international trade, an increase of 19.3 percent from the year earlier, according to WorldCity analysis of statistics released today by the U.S. Census Department.

Trade growth in the nation’s 14th most important Customs district outpaced the nation as a whole. Overall, U.S. trade grew 12 percent to $2.9 trillion. Philadelphia’s strong performance put it in position in 2007 to challenge the Miami Customs District’s No. 13 ranking.

In 2006, the Florida district saw its trade rise 9 percent to $72 billion.

Among exports, medicines saw dramatic gains, spiking fourfold to close the year at $1.3 billion and become the district’s most valuable export commodity after motor vehicles.

Other highlights:

Israel & Russia shot up the ranks of the Customs district’s trade partner. Philadelphia’s trade with Israel was $2.6 billion in 2006. A year earlier it had been $926 million. Russia’s trade, meanwhile, doubled to $1.6 billion.

Among the Top 50 traders, Azerbaijan made the greatest trade leap, transforming a $2.3 million exchange in 2005 into a $488 million trade relationship a year later. A dramatic spike in imports accounted for the gain.

Twenty-two countries did more than $1 million in trade with Philadelphia in 2006.

Total U.S. trade reached $2.9 billion. Canada was the No. 1 trade partner, followed by China, which passed Mexico in 2006.

Los Angeles remained the nation’s top-ranked Customs district, followed by New York, Detroit and Houston.

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