WCIT Northwest Trade Dashboard
WCIT Northwest Trade Dashboard
Highlights
- WCIT’s trade dashboard (launched Q4 2021) tracks Washington state’s international trade metrics, later expanding to include Oregon and Idaho
- Washington handles ~$45B in quarterly trade volume, supporting 364,000 jobs across goods (61%) and services (39%) exports
- Key trading partners remain Canada, China, and Japan, while the ports of Blaine and Tacoma show strong performance in Pacific trade
Washington State Trade Trends: 2021-2024:
Background
In Q4 2021, WCIT began publishing a quarterly dashboard of key trade statistics for Washington state. The dashboard tracks metrics that showcase our region’s key role in international trade, including total exports and imports, port volumes, major trading partners for exports and imports, and employment data. Readers can find quarterly updates on Washington’s top export categories, such as transportation equipment and agricultural products, along with detailed breakdowns of trade volumes through top ports and by Congressional district. The dashboard also monitors trade volume with key partners and tracks how international trade supports local jobs, sustaining over 800,000 positions across the Northwest. These metrics tell the story of our region’s dependence on international trade and its crucial position in global commerce, offering policymakers, business leaders, and the public clear insights into the Northwest’s trading economy. Each quarter, the dashboard is updated when all new data is available, approximately 3-4 months after the period ends.
In Q3 2023, we expanded the WCIT Trade Dashboard to include Oregon and Idaho, recognizing the region’s interconnected role in trade.
What Story Does the Data Tell?
Once we have more historical data for Oregon and Idaho, our trend analysis will cover the region. For now, let’s look at the story the data tells for Washington state.
Washington state’s international trade landscape from late 2021 through mid-2024 tells a story of economic resilience amid global challenges. The data reveals how our ports, businesses, and trading relationships have evolved, showcasing both our strengths and areas of opportunity in the international marketplace.
Trade Volume and Economic Impact
Our state consistently handles around $45 billion in quarterly trade volume, though we’ve seen some fluctuation. While this slightly softens from peak levels, it demonstrates Washington’s continued significance in global trade. Notably, international trade supports 364,000 jobs across Washington, with 61% in goods exports and 39% in services exports – a testament to our diverse trade economy.
Shifting Export Patterns
Two key export categories tell an essential story about Washington’s trade dynamics. Transportation equipment, primarily driven by our aerospace sector, has remained a crucial export despite significant quarterly variations. While following traditional seasonal patterns with fourth-quarter peaks, agricultural exports have shown some decline, reflecting changing global market conditions and increased competition.
Imports Steadily Climb While Exports Catch Up
In 2019, Washington state’s imports began to exceed exports, with the gap widening in 2020. Since then, Washington state was a net importer until Q4 2023, when exports exceeded imports by more than $1B – the first quarter since pre-pandemic (Q4 2019).
Trading Partners: Evolution and Stability
Our trade relationships highlight both change and consistency. Canada, China, and Japan continue to be top trading partners. At the same time, Taiwan, South Korea, Ireland, Vietnam, and Malaysia are all examples of countries where trade volume has fluctuated significantly between quarters. This diversification of trading partners demonstrates Washington’s ability to adapt to changing global conditions while maintaining strong regional relationships.
Port Performance
Washington’s ports continue to demonstrate their crucial role in Pacific trade. The ports of Blaine and Tacoma, in particular, have shown robust performance, with Tacoma’s volumes generally increasing over the period. This success reflects our strategic location and our ports’ operational efficiency in handling international cargo.
Looking Forward
As we move through 2024, Washington’s trade sector shows signs of stabilization after the volatility of recent years. While overall trade volumes have moderated from their peaks, our consistent employment numbers and stable port operations suggest a resilient trade infrastructure ready to capitalize on new opportunities.
The data reveals the Northwest’s dynamic and adaptable trade economy. It maintains its crucial role in international commerce while adjusting to changing global conditions. This resilience positions our state well for future growth and continued leadership in international trade.
WCIT Q4 2024 Trade Dashboard
Here are some highlights from the Northwest trade data for Q4 2024.
Washington
- Exports Rise: WA exports grew 5% on a quarterly basis, primarily as the result of a seasonal increase in exports of agricultural products.
- Import Levels Shrink: WA imports fell 8% on a quarterly basis, partially due to decreased imports from East Asia — in particular, China, Japan, and South Korea.
- Port Volume Decrease: WA port volumes went down 8% on a quarterly basis, mostly due to a drop in volume at major ports such as Blaine, Spokane, and Sea-Tac Int’l Airport.
Oregon
- Exports Drop: OR exports fell 19% on a quarterly basis, partially due to a large decrease in computer and electronic exports compared to Q3 2024.
- Imports Hold Strong: OR imports grew 1% on a quarterly basis, primarily the result of higher levels of imports from major origins such as Taiwan, Japan, and Canada in 2024 relative to 2023.
- Port Volume Remains Steady: OR port volumes increased 1% on a quarterly basis; trade volumes at Port of Portland remained steady throughout the quarter.
Idaho
- Exports Increase: ID exports grew 9% on a quarterly basis, largely the result of expanded primary metal manufacturing and chemical exports.
- Import Levels Jump: ID imports increased 17% on a quarterly basis, in part due to an uptick in imports from Malaysia.
- Port Volume Steady: ID port volumes decreased 3% on a quarterly basis, mostly due to a slight decline in trade volume at the port of Eastport.