IE Business Daily Business news for the Inland Empire.
California’s export trade grew by 7.7 percent in March, while U.S. exports increased five percent during that time, according to Beacon Economics in Los Angeles.
Also in March, exports of products made in California increased by 6.2 percent year-over-year to $10.2 billion, while the state’s exports of non-manufactured commodities rose by three percent, to $2.1 billion, according to Beacon Economics in Los Angeles.
Beacon publishes a monthly analysis of the import-export market based on data compiled by the U.S. Census Bureau’s Foreign Trade Division.
While those numbers were strong, they were compiled well before President Trump’s April 7 “liberation day” tariff announcement that sent the U.S. stock market into a free-fall.
“This is not unlike the surge we’ve seen in U.S. imports, driven by the same strategic shift,” said Chris Thornberg, founding partner of Beacon Economics, in the statement. “And we may see a sharp slowdown in the May numbers, even if the trade situation settles down.”
During the third month of the year, California’s share of the nation’s merchandise export trade rose to 8.7 percent, from one year earlier, Beacon reported.
