South Florida?s trade with Japan grows ? despite earthquake

After the earthquake and tsunami hit Japan a year ago, there were dire predictions about how it would disrupt the commerce of one of the world?s great exporting nations.

And Japan did record its first trade deficit in more than 30 years in 201l ? importing $32 billion more than it exported. But some of that can be attributed to the strong yen, which makes Japanese exports less competitive; a slowdown in global trade, particularly with China and Europe, and higher fuel-import bills. With Japan?s nuclear plants crippled after the quake, it had to import even more oil to produce electricity.

The trade slowdown continued in January with Japan posting a record trade deficit.

Still, the slowdown was not as sustained or as deep as many had feared.

?Employers in those areas [affected] made a quick recovery,? Toshiyuki Kato, a vice minister of foreign affairs, told The Miami Herald. ?Employees were sent from around the country to rebuild those plants. In once case, 2,800 people helped to rebuild a semiconductor factory.?

Despite the earthquake, Japan?s commerce with the United States and Florida increased in 2011. With nearly $195 billion in total trade, Japan remained the United States? fourth most important trading partner. Both imports and exports were up. U.S. food exports, especially corn and pork, showed strong growth but the United States still had a hefty $62.6 billion trade deficit with Japan.

About 9,000 Japanese live in Florida, according to the Japanese consulate in Miami. Japan has never been a major trading partner for the Miami Customs District, which includes airports and seaports from West Palm Beach to Key West.

With two-way trade of $1.17 billion in 2011, Japan ranked as the customs district?s 26th most important trading partner in 2011, down from 25th the previous year.

But total trade was actually up marginally from 2010. In fact, the recession had a much greater impact on Japan?s trade with the Miami Customs District than did the earthquake. Trade between the district and Japan peaked in 2008, fell off sharply in 2009 and has been recovering since then.

Unlike its trade with most Latin American countries, the Miami district runs a trade deficit with Japan. Last year, it exported $278 million worth of products to Japan and imported $896.5 million worth.

Among Miami?s top exports to Japan in 2011 were aircraft and aircraft engines and parts, citrus and nucleic acids and salts, according to an analysis by WorldCity, a Coral Gables media company. After the big three, Miami exported a smattering of many things, including fruit juice, surgical instruments, yachts and even $7.1 million worth of products in a category called merry-go-rounds and other amusement rides.

The top three import categories were telecom equipment, oil and printers, according to WorldCity.

Florida?s main center for trade with Japan is the Jacksonville-Tampa Customs District. Its total trade with Japan is five times that of Miami and it is a major U.S. center for importing Japanese cars.

Miami Herald staff writer John Yearwood contributed to this report from Tokyo.

Source: http://www.miamiherald.com/2012/03/10/2687612/south-floridas-trade-with-japan.html

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