Imported Fuel, Venezuela Help Propel Miami Growth
Posted on: Tuesday, 16 August 2005, 15:00 CDT
Aug. 16--Spurred by higher imported-fuel prices, the economic recovery in Venezuela and the continuing growth in Chinese imports, total trade in the Miami Customs District grew by 12 percent during the first six months of the year compared to the same period in 2004.
The biggest single jump came in imported fuel, which almost doubled in value from $600 million in the first half of 2004 to $1.1 billion in the same period of 2005, according to Florida trade numbers compiled by Coral Gables-based WorldCity, a media company.
But trade with oil exporter Venezuela as well as Brazil, Colombia, Chile, Argentina, Ecuador and Peru also grew at double digit rates, a sign of economic recovery and higher commodity prices in those nations.
Airports and seaports from Fort Pierce to Key West, which comprise the Miami Customs District, racked up nearly $32 billion in exports and imports. For the Tampa Customs District, which includes ports in the northern part of state, trade jumped by nearly 18 percent, going from $10.7 billion in the first half of 2004 to $12.6 billion in the first six months in 2005.
South Florida's top trade partners are in South America, Central America and the Caribbean.
Economic growth is expected to be only a moderate 3 percent on average in Latin America this year. But major trade partners such as Venezuela are experiencing a strong economic recovery, which helps boost imports and exports. Caribbean Basin trade, which is heavy on the offshore apparel assembly, grows when demand in the United States rebounds.
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Source: The Miami Herald
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