International Trade Roundtable: What’s going on?

Boomerang carnets® recently invited a group of international trade experts to weigh in on issues impacting global trade for the final webinar in our series, Leading Through Crisis.  Ken Roberts, President of WorldCity, a data analyst with a presence in more than 20 markets who publishes five times monthly in Forbes, brought some interesting statistics to the fore as a way to take the temperature of the trade industry in these, as he puts it, “topsy-turvy times.”

Ken’s company processes millions of trade data sets regularly.  The usual methodology has been to compare YTD data, but because things are changing so rapidly these days, due to the pandemic, he has switched to a month-to-month comparative analysis.  For this webinar, he used the most current and available data from June of this year against June of last year and, also compared it to previous months in this year to identify trends and changes.

It is no surprise that the U.S. deficit increased both YTD and in the month of June because exports are falling faster than imports.  The good news is that the 17.47% rate of decline has decreased as of June compared to May when the rate was up around 30%.  Compared to last year, this is not great but compared to the previous month, it is a very good sign.

The top ranked port in the U.S. for import into the U.S. has changed four times this year.  The Port of Los Angeles was the top port in January and June though it is important to note, it consistently and usually commands the number one spot every month without question.  In February, however, it was Port Laredo in Texas because of the China trade war.  In March, for the first time ever, it was O’Hare International Airport because of trade with China and an influx of medical supplies possibly due to the pandemic, and in April it was JFK International Airport, also for the first time, due to gold movement into New York.  

Darie Achstein-Conway, a California-based expert in Trade and Compliance Practices specializing in regulatory law, both domestic and foreign, commented on the changes of activity in the Port of Los Angeles and the Port of Long Beach.  “There was a scare at the start of the pandemic and as things are ramping back up, little by little, the precautions they have taken are unprecedented.  It is like nothing they have ever seen.  From top to bottom, the effort to comply with health safely protocols are tremendous.  The fact that things are continuing to move as well as they are is a testament to how much we want to get back to normalcy.  The executive directors of both ports report on the types of products that are flowing in. They put out reports daily.  Compared to what it was at the beginning of the pandemic, the increase has been significant.”

Boomerang carnets® is here to help.  If you are interested in expanding your business internationally with economy and ease the ATA Carnet could be the tool you are looking for.  The ATA Carnet is an internationally accepted customs document for the temporary import/export of goods.  Its many benefits have assisted companies expand into new global markets and its flexibility can easily accommodate these changeable times.

You can view any of our webinar recordings, Leading Through Crisis Part 1, 2, 3, or 4 by contacting Monika Jadeszko.  We value our customers and recognize the challenges of the day.