The US Department of Commerce’s International Trade Administration last week announced that merchandise exports from the Miami-Fort Lauderdale-West Palm Beach metropolitan area totaled $33.3 billion in 2015.
Miami was the seventh-largest exporter in the US with a total goods export value of $33.3 billion and accounted for 64% of total Florida goods exports. Miami-Dade County exported $24.8 billion in goods, Broward County $6.3 billion and Palm Beach County $2.2 billion.
US metropolitan areas exported more than $1.3 trillion in merchandise exports in 2015, accounting for 89% of all goods exported from the country. A total of 156 metropolitan areas tallied merchandise exports worth more than $1 billion in 2015 and Miami was one of only 14 that exported more than $20 billion worth of goods.
Key merchandise export categories for the Miami metropolitan area in 2015 included computer & electronic products, accounting for 26% of the area’s goods exports, transportation equipment and machinery, except electrical.
Top Miami area export markets included Mexico, accounting for 7% of total goods exports, Venezuela, Colombia, Brazil and Canada. Goods exports from the Miami area have increased $12.9 billion, or 63%, since 2005 – an average of 5% growth annually. Notably, small and medium enterprises account for a whopping 96% of Miami goods exporters.
The US currently has 14 free trade agreements (FTAs) in force with 20 countries, and Miami goods exporters gladly took advantage of those in 2015. The agreements are a critical tool in helping US exporters access the more than 95% of the world’s consumers living outside the country.
In 2015, exports to FTA markets accounted for $13.8 billion (41%) of Miami area exports. Specifically, Miami exported $3.5 billion (11%) to North American Free Trade Agreement areas, $6.6 billion (20%) to Trans-P Partnership areas and $3.2 billion (10%) to Transatlantic Trade and Investment Partnership (European Union-28) areas.
In 2014 there were 29,003 small and medium-sized goods exporters in Miami. The same year, 15,337 Miami area companies exported to US FTA partners, with 8,533 of those exporting to Trans-Pacific Partnership countries and 5,103 exporting to the European Union.
“Exports continue to be a driving force for the Miami economy” said US Secretary of Commerce Penny Pritzker in a statement. “The Department of Commerce continues to focus its services on assisting more Miami-based firms sell their ‘Made in America’ products to global consumers, which will support economic growth and good-paying jobs.”