California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The U.S. trade deficit continued to grow for a second month in April, pushing
exports to the lowest level in almost three years. The gap between imports and
exports grew 2.2 percent to $29.2 billion, from a revised $28.5 billion in March
that was larger than previously estimated according to a report from the US Commerce
Department. Foreign demand for U.S. goods dropped 2.3 percent, exceeding a decrease
in imports.

California’s export picture also saw similar reductions from the recently released
figures. According to information compiled by the University of California Center
for International Trade, April marked the sixth consecutive month of shrinking
exports and the worst April in four years.

The State’s exports dropped by more than a 25 percent from export totals reported
in year- over- years. The value of California’s merchandise exports in April totaled
$9.25 billion, 25.5 percent below the $12.42 billion in goods the state shipped
abroad in April of last year.

The numbers manifested themselves at California’s ports and airports. The number
of outbound loaded containers in April decreased by 18.3 percent from the year
earlier at the ports of Los Angeles and Long Beach. The Port of Oakland saw a
reduction of 4.1 percent. International air freight tonnage shrunk by 22.5 percent
at Los Angeles International Airport while San Francisco International Airport was
off by 34.4 percent.

I am Tim Johnson and this has been the California Business Minute.