Miami International Airport is one of the five best U.S. airports if you happen to get stuck for some reason, according to SeatGuru. SeatGuru based its selection on “their amenities and attractions designed to help travelers relax and be entertained and pampered” during a longer-than-expected layover or other delay. Joining MIA on the list are San Francisco International Airport, Salt Lake City International Airport, Portland International Airport and McCarran International Airport in Las Vegas. MIA made the list for providing an international dining experience with 30 restaurant choices that vary… Read More
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U.S. trade data likely to continue to improve
U.S. trade rebounding from worst slump in decades
U.S. trade is rebounding from its worst slump in decades, according to Census data released Thursday and analyzed by WorldCity.
Total U.S. trade with the world was down 16.92 percent in October, when compared to October 2008, but that is the lowest month over month loss this year.
Breaking it down, U.S. exports performed even better. Exports to the world were down 9.78 percent in October, the first time the decline was less than 10 percent this year and only the second time below 20 percent. The other month was September, the previous month, when exports were off 13.77 percent.
Consumer spending, and the pace of the economic recovery, can often be seen in U.S. import data, and there the news is improving as well. Imports, for the second consecutive month, were down slightly more than 21 percent, after having spent most of the year down more than 30 percent, when compared to the same month in the previous year.
When looking at specific countries, only Singapore among the Top 25 U.S. trade partners registered growth in October, a 6.02 percent increase over October 2008 and its highest October total ever. While trade with the Asian nation is relatively balanced, the U.S. exports a wide range of high-tech goods to Singapore and enjoys a surplus with it.
When looking at specific U.S. Customs districts, only San Juan, Puerto Rico registered a gain for the month of October, and the $3.86 million in total trade was the highest monthly total on record for the island territory. San Juan is active in pharmaceutical and chemical imports and exports as well as fuel and oil imports.
One factor driving down U.S. trade in 2009 is the bubble in oil prices that occurred in 2008, when prices reached $140 per barrel. Although import demand has slowed somewhat in 2009, most of the decrease is due to oil prices dropping to half that price. Consequently, the U.S. Customs districts performing most poorly are those dependent on oil imports: No. 5 Houston, off 31.95 percent in October; No. 6 New Orleans, off 32.90 percent; and No. 14 Philadelphia, off 22.41 percent.
The top four Customs districts, Los Angeles, New York, Detroit and Laredo, all performed better than the overall U.S. average, which was down slightly less than 17 percent.
Among countries, four Asian trade partners registered losses of less than 10 percent: No. 2 China, down 9.32 percent; No. 9 Taiwan, down 7.74 percent; No. 16 Malaysia, off 8.06 percent; and No. 24 Hong Kong, off 4.89 percent. Also suffering October losses of less than 10 percent were the United Kingdom, at 6.62 percent; No. 18 Switzerland, off 2.29 percent; No. 21 Australia, off 0.66 percent; and No. 22 Israel, off 3.35 percent.
The data should continue to improve in the coming months, since the downturn in U.S. trade took full effect in November and December of 2008.
The recent improvements are having a positive effect on year-to-date data, though the numbers are far from stellar.
U.S. trade with the world is off 26.98 percent through October, with exports off 21.67 percent and imports still off more than 30 percent. The U.S. trade deficit, a concern to many, has fallen from a record $714.49 billion in October 2008 to $406.14 billion, the lowest total through the first 10 months of the year in seven years.
The total trade figure, $2.13 trillion, is the lowest total through October in four years. In October 2008, the total for the year was $2.92 trillion.
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