Soaring sales to Latin America helped South Florida widen its trade surplus in the second quarter, keeping the area on track for another year of record trade in 2008, new data released Wednesday shows.
South Florida boosted exports to $26.1 billion through the first half of the year, up 22 percent from the same period last year. That's faster than the 18 percent growth in exports in the first quarter, according to U.S. Commerce data compiled by publisher WorldCity of Coral Gables.
A weak dollar bolstered sales, making U.S. goods relatively cheaper overseas.
Exporters in Broward, Miami-Dade and Palm Beach counties also are capitalizing on strong economic growth in Brazil, Venezuela and other Latin American nations that export minerals, soy, oil and other commodities. The neighbors are buying more of South Florida's top exports: computers, phone equipment and aircraft parts.
Many aircraft supplies return to South Florida as jets made by Brazil's plane maker Embraer, which runs U.S. sales from Fort Lauderdale.
The aircraft trade has helped make Brazil South Florida's top trade partner, with $6.4 billion in goods exchanged in the first half of the year, up 30 percent from the year ago period. Venezuela ranks second and Colombia third, the data showed.
China is gaining ground. It rose one notch to become South Florida's No. 4 trade partner in the first half of the year, with $2.2 billion in goods exchanged, up 19.5 percent from the year-ago period.
But South Florida exporters are increasingly setting their sights on Asia.
JGH Aviation of Pembroke Pines, for example, now sends about two-thirds of its aircraft parts abroad, up from one-third last year, thanks to new deals in Indonesia, Singapore and Malaysia. It aims to expand into China, "the biggest market growing now," said John Huffman, who runs the small business with his wife.
Still, challenges remain.
Other U.S. Customs districts are boosting trade faster, and South Florida is losing ground as other areas also target Latin America for growth.
Ecuador, Chile and Jamaica now use other areas as their top entryways into the United States, WorldCity President Ken Roberts said.
"We expect record trade for South Florida this year, maybe pushing $90 billion, but we can't get complacent," Roberts said. "We're not keeping up. Other areas are setting even bigger records than we are."
Doreen Hemlock can be reached at firstname.lastname@example.org or 305-810-5009.
South Florida trade numbers
Total trade: $43.7 billion, up 16 percent
Total imports: $17.6 billion, up 9 percent
Total exports: $26.1 billion, up 22 percent
Source: U.S. Commerce Department data
compiled by WorldCity Inc.
Airports and seaports from Key West to Fort Pierce posted a record for international trade of goods in the first half of 2008, up 16.4 percent and on track to top $80 billion for a record for the year.
Country First half trade Change
Brazil $6.4 billion +30%
Venezuela $2.9 billion +9%
Colombia $2.7 billion +20%
China $2.2 billion +20%
Dominican Republic $2.1 billion -2%