Miami Trade Down, But Gold Balances Some Losses
MIAMI (CBSMiami/AP) — While the value of trade moving through South Florida fell just over 3 percent last year, gold is helping to balance loses.
The drop last year means Miami Customs District is now 12th among the nation's 43 customs districts.
The numbers might have been worse if it weren't for gold, according to The Miami Herald.
The region is a key transit point for Mexican and South American gold en route to Switzerland and the United Arab Emirates.
The global recession has sparked a surge in demand for gold and boosted its price.
Total trade for the Miami region was more than $120 billion, with a 7 percent drop in exports, but imports were up by 2 percent.
The Herald reported Saturday that Brazil remains the region's top trading partner, with $16.8 billion, in part due to the expansion of aircraft sales and aircraft parts. Colombia is distant second with $9.34 billion. Others in the top ten trading list: China, Venezuela, Honduras and Switzerland.
Although the value of trade through the Miami region dropped last year, overall U.S. international trade grew about .62 percent to $3.8 trillion.
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