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Miami-Dade Trade Data Shows Strong Signs of Improvement

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According to recent data released by the Office of Economic Development and International Trade (OEDIT), trade through the County’s two economic engines, Miami International Airport and the Port of Miami, continued to grow at a rapid pace in August, and trade overall is experiencing a solid recovery from a dismal year in 2009. Compared to August 2009, imports at the Seaport grew by 17.4% while exports were up 12.6%. Imports through the Airport grew an impressive 47.7% and exports increased by 26.7%.

Total exports for Miami-Dade County grew by 23.4% in August 2010, while imports grew a whopping 33.6% when compared to August 2009 figures. The largest regional source of imports came from Central America which grew 47% year over year. South America dominated Miami-Dade exports, accounting for 55% of total exports, an increase of 24.6% compared to 2009. Brazil, the County’s top overall trading partner for several years now, was by far the largest export country with over $953 million in exports alone in August 2010, with Switzerland coming in at 2nd place at $433 million.

On the downside the unemployment rate in Miami-Dade County went up from 12.4% in July to 12.7% in August. However, since the highest point of unemployment in November 2009, the County has seen a net growth of 5,500 jobs occurring in the private sector. The industries that led the creation of these jobs were wholesale trade, education and health services, and leisure and hospitality. The one key private sector industry that defied the downtrend was retail trade which grew by 1,200 jobs. ÃƒÆ’ƒÂ¢Ã¢â€šÂ¬Ã…“Now more than ever, Miami-Dade County’s role in international trade will be the source of our community’s economic strength, and our office plans to be at the forefront of that effort,” OEDIT Executive Director, Tony Ojeda said.

To see the complete report or to sign-up to receive the monthly Economic Indicators reports visit: www.miamidade.gov/itc

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