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The 2024 Annual Trade Report

SOUTH FLORIDA’S TRADE WITH THE WORLD, COUNTRY BY COUNTRY

SPONSORS: World Trade Center • Miami International Airport • Pay Cargo • Port Miami Interport • Port Everglades • Seaboard Marine

TABLE OF CONTENTS SPECIAL

REPORT

6 AGAINST THE ODDS

World Trade is down, but Miami Customs District, however, did not experience a similar downtrend. The instead, the combined air and seaports of South Florida exhibited resilience and sustained growth in 2023, albeit slender.

Cargo traffic is a huge, important part of what we do, and a huge part of the trade infrastructure of Miami-Dade. Without our cargo operations, MIA would not be the largest economic engine in our county and the state of Florida that it is today …

RALPH CUTIÉ, DIRECTOR AND CEO OF MIAMI INTERNATIONAL AIRPORT (MIA)

TRADE BY PRODUCT and SOUTH FLORIDA'S TRADE WITH THE WORLD

You are what you ship and receive:

A breakdown of the three key trade gateways for the Miami for the Miami Customs District.

All ports had that COVID surge, where people were buying more stuff because they couldn’t go anywhere. Then that sort of leveled off. That sort of pinched us, because they weren’t there for an extended period, it is just a blip...

GLENN WILTSHIRE, ACTING PORT DIRECTOR OF PORT EVERGLADES

PUBLISHER

Richard Roffman

EDITOR-IN-CHIEF

J.P. Faber

ASSOCIATE PUBLISHER Gail Feldman

SENIOR VICE PRESIDENT INTERNATIONAL

Manny Mencia

DIRECTOR OF OPERATIONS

Monica Del Carpio-Raucci

SALES AND PARTNERSHIPS

Sherry Adams

Amy Donner

Andrew Kardonski

Gail Scott

MANAGING EDITOR

Kylie Wang

ASSOCIATE EDITOR

Yousra Benkirane

WRITERS

Karen-Janine Cohen

Andrew Gayle

Doreen Hemlock

Joe Mann

Harriet Mays Powell

Katelin Stecz

ART DIRECTOR

Jon Braeley

PHOTOGRAPHERS

Rodolfo Benitez

Jonathan Dann Tiege Dolly

PRODUCTION DIRECTOR

Toni Kirkland

CIRCULATION & DISTRIBUTION CircIntel

BOARD OF ADVISORS

Ivan Barrios, World Trade Center Miami

Ralph Cutié, Miami International Airport

Gary Goldfarb, Interport

Bill Johnson, Strategic Economic Forum

Roberto Munoz, The Global Financial Group

David Schwartz, FIBA

EDITORIAL BOARD

Alice Ancona, World Trade Center Miami

Greg Chin, Miami International Airport

Tiffany Comprés, Pierson Ferdinand

Paul Griebel, Venture for America

James Kohnstamm, Miami-Dade Eco. Dev.

John Price, Americas Market Intelligence

Stacy Ritter, Visit Lauderdale

TJ Villamil, Select Florida

Global Miami Magazine is published bi-monthly by Global Cities Media, LLC. 1200 Anastasia Ave., Suite 217, Coral Gables, FL 33134. Telephone: (305) 452-0501. Copyright 2024 by Global Cities Media. All rights reserved. Reproduction in whole or part of any text, photograph, or illustration without o\prior written permission from the publisher is strictly prohibited. Send address changes to subscriptions@ globalmiamimagazine.com. General mailbox email and letters to editor@globalmiamimagazine.com

Cruise Capital of the World Global Gateway of the Americas

We’re fortunate in Miami that we have diverse trade between Asian cargo, European cargo, and the Western Hemisphere, where we are really strong, particularly with Latin America. Many [sea] ports were down double-digits in 2023. PortMiami didn’t experience that.…

ANDY HECKER, ASSISTANT PORT DIRECTOR AND CFO AT PORTMIAMI.

Against the Odds

World Trade is down, but Miami Custom’s District defies the trends

BY YOUSRA BENKIRANE

"Trade, like water, flows through the path of least resistance. 2023 marked a year of resistance, challenges, and transformations in global trade patterns,” says Alice Ancona, Vice President of the World Trade Center Miami. Indeed, worldwide trade saw a 5 percent decrease due to economic slowdowns, high-interest rates, geopolitical tensions, and supply chain disruptions.

The Miami Customs District, however, did not experience a similar downtrend. Instead, the combined air and seaports of South Florida exhibited resilience and sustained growth in 2023, albeit slender. Following the post-pandemic boom in trade that South Florida (and most of the world) experienced in 2022, the Miami District saw a modest uptick in overall trade for 2023, growing by 0.29%. World trade, meanwhile, shrank by about $1.5 trillion – close to 5% – according to UNCTAD’s latest Global Trade Update.

“Coming out of 2022, there were overbuilt inventories, geopolitical conflict, inflation, and higher interest rates. So, it’s probably no surprise that 2023 saw withdrawal across the globe,” says Andy Hecker, assistant port director and CFO at PortMiami. “We’re fortunate in

Miami that we have diverse trade between Asian cargo, European cargo, and the Western Hemisphere, where we are really strong, particularly with Latin America. Many [sea] ports were down double-digits in 2023. PortMiami didn’t experience that.” Overall trade by value for PortMiami did decrease by 3.47%, but that was offset by airborne trade.

In 2023, total trade for the Miami Customs District was valued at $137 billion, compared to $136.6 billion in 2022 and $120 billion in 2021. The total for the district – which includes Miami International Airport (MIA), PortMiami, Port Everglades, Port of Key West, Fort Lauderdale-Hollywood International Airport, West Palm Beach International Airport, and Port of Palm Beach – represented more than two-thirds of all 2023 two-way trade for Florida, valued at $181.8 billion. Within the District, most merchandise was handled by MIA ($74.5B) and PortMiami ($31.7B), together more than half the state’s total.

Though cargo demand peaked at an all-time high in 2021, as home-bound consumers ordered record levels of products, the dollar value of goods actually rose the following years, increasing the value of bilateral trade for the district. Coming out of the pandemic prices skyrocketed, so people started buying less for more. “Year over year, we’re just up slightly. We started to see that flatten, but now we’re going to see that curve go up,” says Hecker.

At Port Everglades, similar patterns are taking place. The South Florida seaport saw an 8.03% decrease in volume for 2023, having moved 1.006M TEUs in 2023 compared to 1.09 TEUs in 2022. But trade by value decreased by only 3.56%, with 2023 values recorded at $27.6B compared to $28.6B in 2022. Acting Port Director Glenn Wiltshire attributed the decline to the post-COVID

GLENN WILTSHIRE, ACTING PORT DIRECTOR OF PORT EVERGLADES

surge. “All ports had that COVID surge, where people were buying more stuff because they couldn’t go anywhere. Then that sort of leveled off,” he says. Wiltshire also notes the effect of cargo line MSC discontinuing its Santana Service in 2023, which connected Southeast Asia to Port Everglades as the first U.S. stop on their around-the-world route. “That sort of pinched us, but because they weren’t there for an extended period, it is just a blip,” says Wiltshire. Regardless, the port still celebrated handling over 1 million TEUs for the eighth consecutive year.

MIA is the exception to the trend, which is why South Florida has seen a slight growth in trade despite the global patterns. Cargo operations at the Miami airport reached new heights in 2023, registering a 1% growth to a record-breaking 2.78 million tons, driven by 2.2 million tons of international cargo and 548,976 tons of domestic shipments. In 2021, MIA reached 2.75 million U.S. tons, a volume that remained consistent in 2022 while the dollar

In 2023, total trade for the Miami Customs District was valued at $137 billion, compared to $136.6 billion in 2022 and $120 billion in 2021. Within the District, most merchandise was handled by MIA ($74.5B) and PortMiami ($31.7B), together more than half the state’s total. Shown is a cargo vessel in PortMiami ready to unload containers.

RALPH CUTIÉ, DIRECTOR AND CEO OF MIAMI INTERNATIONAL AIRPORT (MIA)

value rose. 2023 is the third consecutive year that MIA handled more than 2.7 million tons of cargo.

In fact, rankings released by Airports Council International show that MIA moved up from #7 to #6 in the world in 2023 for total cargo tonnage, and was the only U.S. airport in the top 10 with growth last year. “Cargo traffic is a huge, important part of what we do, and a huge part of the trade infrastructure of Miami-Dade,” says Ralph Cutié, Director and CEO of MIA. “Without our cargo operations, MIA would not be the largest economic engine in our county and the state of Florida that it is today.” MIA continues to be the busiest U.S. airport for international freight with its annual trade value of $74.5 billion amounting to 90% of Florida’s total air trade and 39% of the state’s combined air and sea trade.

FASHION, PHARMA AND CELL PHONES

One contribution to MIA’s continued growth last year was the explosion of “fast fashion.” American consumers began buying more from fashion companies that produce inexpensive clothing inspired by the latest trends, with quick production and distribution to keep up with changing styles, including Zara, H&M, and Shien. “American consumers with a strong U.S. dollar can buy a lot of this stuff in real-time, so it has offset the downturns a bit,” says Nemer Abohasen, VP and GM of the Southeast U.S. for DHL Express.

Although China is still the district’s top import origin, a push to diversify the supply chain had companies looking to the Philippines (district trade increased by 10.3%) and Vietnam (district trade increased 11.2%) to source some of that fashion. “These countries have been a China plus one, where we’ve seen a couple of other countries start to step up,” says Abohasen. India is also an emerging market for the district with an 11.6% increase in imports.

According to Gary Goldfarb, Chief Strategy Officer for Interport Logistics and Past Chair-Miami Dade Beacon Council, the pharmaceutical industry is also moving away from China and into countries like India or Brazil (the district’s top trading partner, valued at $17.34B in 2023). “India is getting very active in the Americas. Intelligently, they’re using Miami as a point of contact,” says Goldfarb.

Pharmaceutical products are meanwhile one of the Miami Custom District’s top exports (specifically into Latin America), due to MIA’s robust cold chain capabilities and CEIV Pharma certifi-

If you look at Miami as a trading hub, our competitors aren’t what they used to be. The only one truly having global capabilities is Miami.

GARY GOLDFARB, ABOVE, CHIEF STRATEGY OFFICER FOR INTERPORT LOGISTICS

cation, making it the first Designated Pharma Hub Airport in the U.S. and only second in the world after Brussels’ Airport. “If you look at Miami as a trading hub, our competitors aren’t what they used to be. The only one truly having global capabilities is Miami,” says Goldfarb. As a global gateway, companies usually manufacture products in Asia – like pharma in India – then redistribute into Latin America via Miami’s ports.

Another example is telephones, the district’s top import (up 31.6%) and second largest export (up 25.5%). Abohasen notes that in Latin America, many people opt for alternatives to iPhones or Samsung devices due to their high cost. Consequently, companies manufacture cheaper brands in countries like Vietnam (phone im-

CARGO PLANE UNLOADING AT MIA

ports up 49.5%) or India (phone imports up 93.8%) then redistribute into Latin America through Miami.

For imports as a whole, the Miami Customs District saw a slight growth of 2.2% (to $63.7B) in 2023, compared to overall U.S imports that were down by .2%. Notable changes in imports were Nicaragua (down by almost 20%), Mexico (down by 16%), and El Salvador (down by 13%). Those drops were balanced by what Ancona from the Miami World Trade Center notes – that the district’s import markets are more diversified than its export markets. Colombia was up by 10%, Brazil was up by 30%, UK was up by 14%, and India and Vietnam were up by 11%.

THE LATIN CONNECTION

Overall connections to Latin America, Central America, and the Caribbean remain strong, with most of the district’s top trading partners being in that region. Even though imports from Mexico decreased last year, trade experts believe the country is on the rise, with more manufacturing capabilities than it had in the past decade. “Before China joined the WTO, Mexico was our manufacturing base. China’s sucked all of that away, but now it is coming back,” Goldfarb says. “Costa Rica is making chips again, Honduras and Guatemala are making garments again, El Salvador is making highend garments again, etc..”

For PortMiami, overall trade with Mexico went up (by 58%) along with several other Latin American countries — a favorable trend for South Florida. There are also tax advantages to moving cargo by water between Mexico and the United States, a recent development as land border issues are creating more congestion. “We have a much better relationship with Latin American countries than we do with China, though we’re still going to see products coming out of China,” says Hecker, “But I think on some of the higher-end products like technology and things that require chips and electronics, we’re going to see more of that come from Mexico by water.” PortMiami is now working on a direct service between Miami and Mexico.

While there are some security concerns, products like furniture and apparel coming from China are not among them. This year China Cargo Airlines will begin three weekly flights from MIA to Shanghai through Los Angeles, making it the first cargo route between MIA and mainland China served by a Chinese carrier.

On the export side, the Miami Customs District saw a decline of 1.2% ($895M) in 2023, half the drop experienced by the U.S. as a whole, where exports were down by 2.2%. For the District, Latin America and the Caribbean remain the primary destinations for exports, and their performance in 2023 was mixed. The most notable shifts were Honduras (down by 16%), Colombia (down by 8%), Paraguay (up by 35%), Mexico (up by 21%), and the Bahamas (up by 13%).

The rise of high-value exports is one of the notable trends over the past few years. “The products that lead Miami exports are things like aviation and technology, medical-related exports… These are all high-end, high-tech, high-value exports, and Miami is doing very well as an exporter of those products,” Manny Mencia, chairman of the board of the World Trade Center notes.

Whereas in the past Miami was known primarily for being an exporter of agricultural goods (think citrus) it has diversified into new industries (something the pandemic accelerated). Today, the top 10 commodities exported are all high-value, and the District has now become a leading distributor of high-value merchandise like telephones ($6.05B) and Integrated Circuits ($1.77B). “Sometimes we refer to ourselves as the grocery store for Latin America. But it’s not just groceries anymore – it’s medical equipment and nuclear components,” says Wiltshire.

The products that lead Miami exports are things like aviation and technology, medicalrelated exports… These are all high-end, hightech, high-value exports, and Miami is doing very well as an exporter of those products...

FUTURE TRADE PLANS AND PATTERNS

Export diversification remains a priority for Miami. The city’s trade leaders agree that it’s vital to expand its international relations worldwide instead of keeping all its eggs in the Latin basket. “There is still work to be done but we’re making great progress,” says Mencia. Historically, Miami trades with Latin America and receives investment from Europe and Asia. “But with the pandemic shining a light on the break in the supply chain, we’re seeing more diversification. Continuing that trend is very important so that we can achieve our destiny as one of the great global trading centers, not just of the Western Hemisphere, but of all the world,” says Mencia.

MANNY MENCIA, CHAIRMAN OF THE BOARD OF THE WORLD TRADE CENTER

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The Miami Customs District is also poised to become a manufacturing hub. Companies like Fokker Services Americas are beginning to manufacture in South Florida, in this case aviation parts, as are Princess Yachts International (UK), Thales Group (France), and Damatech (US), to name a few. Other companies are doing additive manufacturing, using 3D printing to create large parts and components. Recently introduced to South Florida and still in its early stages, Miami universities like FIU are working to further develop this technology for wide-scale use.

Looking ahead, the Miami Custom’s District anticipates growth from nearshoring in South America, as well as new routes between Miami, South America, and Asia, along with expanding trade with Europe and Africa. With these prospects in mind, experts highlight capacity as a crucial concern. In the Miami Customs District, preparations are underway to address the surge in demand.

Port Everglades is heavily investing in infrastructure projects to expand its cargo capabilities. The port recently revealed its three new Super Post-Panamax container gantry cranes going into service. The cranes, measuring 175-feet (53 meters) high can reach farther and handle a heavier load. Currently, the port ranks in the top 25% of ports worldwide for operational efficiency, according to the World Bank’s latest Container Port Performance Index. Port Everglades now has 13 container gantry cranes (six are the Super Post-Panamax and seven are Post Panamax) and one mobile harbor crane. Additionally, the port’s $437.5 million Southport turning notch extension project was completed this past fall. It expanded the previous deep-water turnaround radius from 900 ft. to 2,400 ft., allowing up to five new cargo berths.

PortMiami, landlocked on Dodge Island off downtown Miami,

has been developing technology to enhance its services and increase capacity without physical expansion. Its RFID (Radio Frequency Identification) tag program is dramatically reducing the wait time for trucks that load and unload containers at the port. As port director Hydi Webb notes, “the faster we can move product on and off the port, the more efficient we are.” Within the next two years PortMiami also intends to establish an inland facility in the Northwest corner of Miami-Dade County, connected by rail to the port, to accommodate TEUs and other cargo facilities.

MIA, also facing space constraints, is working on adding more cargo infrastructure by building up rather than out, with a planned multi-billion dollar Vertically Integrated Cargo Community. The project is expected to generate billions of dollars in private investment and thousands of jobs during and after construction.

In essence, despite global trade challenges, the Miami Customs District showcased resilience with modest growth in 2023. Its diverse trade portfolio and strategic location buoyed its performance, while investments in infrastructure and a focus on high-value exports position the district for continued success. Looking ahead, it remains poised to navigate evolving trade dynamics and emerge as a leading hub for international commerce.

“I think we’re uniquely positioned to keep emerging as the new New York of the 21st century. But we need to continue to invest in our infrastructure. As we keep doing that, I believe good things are going to be on the horizon. Ten years from now we will be in a place that we couldn’t have imagined 20 years ago,” reflects Mencia. l

PORT EVERGLADES' NEW SUPER POST-PANAMAX CONTAINER GANTRY CRANES. THE CRANES, MEASURING 175-FEET (53 METERS) HIGH CAN REACH FARTHER AND HANDLE A HEAVIER LOAD.

Three Facilities in 300,000 Sq Ft Over Miami, Totaling

Trade by Product

YOU ARE WHAT YOU SHIP AND RECEIVE: A BREAKDOWN OF THE THREE KEY TRADE GATEWAYS FOR THE MIAMI CUSTOMS DISTRICT

Taking a closer look at trade through the Miami Customs District, it becomes clear that each primary port has its own niche. Most high-value products, such as gold, electronics, and live animals, come through Miami International Airport. Most bulk products like fuel, agricultural products, heavy machinery, and automobiles come through Port Everglades and PortMiami.

PortMiami is known for handling containerized cargo carrying a diverse range of goods such as electronics, furniture, apparel, machinery, chemicals, and consumer goods – hence the nickname “Cargo Gateway of the Americas.” It serves as a major hub for international trade with the Caribbean, Latin America, and the Asia-Pacific region. PortMiami is Miami-Dade County’s second most important economic engine, contributing $43 billion annually to the local economy and supporting more than 334,500 jobs in South Florida. It is also recognized as the Cruise Capital of the World. In 2023, PortMiami recorded $31.7B in total trade.

Port Everglades, located in Fort Lauderdale, has historically handled bulk products such as coal, minerals, grains, and other raw

materials. It is a major entry point for petroleum products, including gasoline, diesel fuel, jet fuel, and other refined petroleum products for both the local market and regional distribution. These commodities are typically transported in bulk carriers and serve different industries such as power generation, construction, and agriculture. The port has also grown its capacity to handle perishables and containers. In 2023, Port Everglades recorded $28.62B in total trade.

Miami International Airport is a major hub for perishable goods, particularly fruits, vegetables, flowers, and seafood, due to its capacity for temperature-controlled facilities and specialized handling to maintain freshness during transit. The airport plays a vital role in transporting pharmaceutical products and medical supplies, such as temperature-sensitive drugs and vaccines. The airport also handles cargo related to the aerospace industry, including aircraft parts, engines, and other aviation equipment, as well as high-tech and electronic components (mostly from China) to be redistributed to Latin America and the Caribbean. MIA is the district’s largest economic engine. In 2023, the airport recorded $74.5B in total trade.

Here is a closer look at South Florida’s top imported and exported products from 2023:

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South Florida’s Trade with the World

MIAMI CUSTOMS DISTRICT GLOBAL TRADE (2023)

15. HONDURAS

16.

17.

18.

19. NICARAGUA TOTAL TRADE: $2.56B EXPORT VALUE: $658M IMPORT VALUE: $1.9B

20. MEXICO TOTAL TRADE: $2.54B EXPORT VALUE: $1.44B IMPORT

$1.1B

21. EL SALVADOR TOTAL TRADE: $2.34B EXPORT VALUE: $1.23B IMPORT VALUE: $1.11B

22. PANAMA TOTAL TRADE: $2.25B EXPORT VALUE: $2B IMPORT VALUE: $254M

23. JAMAICA TOTAL TRADE: $1.03B EXPORT VALUE: $905M IMPORT VALUE: $129M

24. TRINIDAD & TOBAGO TOTAL TRADE: $1B EXPORT VALUE: $942M IMPORT

25. HAITI TOTAL TRADE: $901M EXPORT VALUE: $279M IMPORT VALUE: $622M

26. CANADA TOTAL TRADE: $828M EXPORT VALUE: $153M IMPORT VALUE: $675M 27. CAYMAN ISLANDS TOTAL TRADE: $714.9M EXPORT VALUE:

62.

63. GREECE TOTAL TOTAL TRADE: $109.2M EXPORT VALUE: $58M IMPORT

64. FINLAND TOTAL TRADE: $102.8M EXPORT VALUE: $52.79M IMPORT VALUE: $50.1M

65.

$102.6M

66. ROMANIA TOTAL TRADE: $95.7M EXPORT VALUE: $26.2M IMPORT VALUE: $69.5M

67. LUXEMBOURG TOTAL TRADE: $80M EXPORT VALUE: $71.9M IMPORT VALUE: $8.03M

68. BULGARIA TOTAL TRADE: $69M EXPORT VALUE: $111M IMPORT VALUE: $58M

69. UKRAINE TOTAL TRADE: $44.8M EXPORT VALUE: $21M IMPORT VALUE: $23.8M

70. SERBIA TOTAL TRADE: $30.5M EXPORT VALUE: $10.2M IMPORT VALUE: $20.3M

71. LATVIA TOTAL TRADE: $25.29M EXPORT VALUE: 8.29M IMPORT VALUE: $17M

72. ESTONIA TOTAL TRADE: $24.52M EXPORT VALUE: $14.7M IMPORT VALUE: $9.82M

73. SLOVAKIA TOTAL TRADE: $17.27M EXPORT VALUE: $4.27M IMPORT VALUE: $13M

74. CROATIA TOTAL TRADE:

95. TAIWAN TOTAL TRADE: $899M EXPORT VALUE: $186M IMPORT VALUE: $713M

96. HONG KONG TOTAL TRADE: $662M EXPORT VALUE: $411M IMPORT VALUE: $251M

98. THAILAND TOTAL TRADE: $645M EXPORT VALUE: $231M IMPORT VALUE: $414M

98. ISRAEL TOTAL TRADE: $627M EXPORT VALUE: $104M IMPORT VALUE: $523M

99. SOUTH KOREA TOTAL TRADE: $597M EXPORT VALUE: $187M

$410M

100.

112.

162.

163. GABON TOTAL TRADE: $1.97M EXPORT VALUE: $1.47K IMPORT VALUE: $500K

164. CENTRAL AFRICAN REP. TOTAL TRADE: $1.64M EXPORT VALUE: $1.64M

165. BURKINA FASO TOTAL TRADE: $1.22M EXPORT VALUE: $1.23M IMPORT VALUE: $3K

166. CHAD TOTAL TRADE: $1.22K EXPORT VALUE: $1.17K IMPORT VALUE: $54.6K

167. RWANDA TOTAL TRADE: $1.12M EXPORT VALUE: $1.12M IMPORT VALUE: $2.5K

168. MAURITANIA TOTAL TRADE: $923K EXPORT VALUE: $939K IMPORT VALUE: $44K

169. GAMBIA TOTAL TRADE: $935.6K EXPORT VALUE: $926K IMPORT VALUE: $9.6K

170. ZAMBIA TOTAL TRADE: $879K EXPORT VALUE: $788K IMPORT VALUE: $91K

171. GUINEA TOTAL TRADE: $771.2K EXPORT VALUE: $673K IMPORT VALUE: $98.2K

172. MALAWI TOTAL TRADE: $761K EXPORT VALUE: $761K

173. ESWATINI TOTAL TRADE: $537K EXPORT VALUE: $478K IMPORT VALUE: $59K

174. SÃO TOMÉ & PRÍNCIPE TOTAL TRADE: $486K EXPORT VALUE: $233K IMPORT VALUE: $253K

175. BOTSWANA TOTAL TRADE: $466.8K EXPORT VALUE: $462K

178.

• Multi-Billion Dollar Hi-Tech Hub

• No Slots/Curfews/Delays

• Top Perishable Products Hub

• Top U.S. International Freight Hub

• Multi-Billion Dollar Pharma Hub

• Top Latin American/Caribbean Hub

• High Ranking Global Freight Hub

• Major North American e-Commerce Hub