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 Washington’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 Q2 2024 Trade Dashboard
Here are some highlights from the Northwest trade data for Q2 2024.
Washington
- Exports Hold Steady: WA exports only fell 1% on a quarterly basis, helped by a surge in transportation equipment exports.
- Imports Continue to Fall: WA imports fell 6% on a quarterly basis, partially driven by a decline in imports from Canada.
- Port Volume Grows: WA port volumes grew 6% on a quarterly basis, mostly due to an uptick in volume coming through WA’s major ports — in particular, the ports of Blaine and Tacoma.
Oregon
- Exports Continue to Grow: OR exports grew 8%, on a quarterly basis, to $8.1B. Significant growth to computer & electronic products, machinery, and chemical exports contributed to this trend.
- Imports Surged: OR imports increased 10% on a quarterly basis, nearly hitting $7B. This was partially driven by increases in imports from major trade partners, namely Japan and Canada.
- Port Volumes Fall: OR port volumes fell by 5% on a quarterly basis, mainly due to a turndown in volume seen by the port of Portland (-5% vs. Q1 2024).
Idaho
- Exports See Growth: ID exports grew by 4% on a quarterly basis, the first quarter in ID history to exceed $1.0B in exports.
- Imports Increase: ID imports increased 10% on a quarterly basis, nearly hitting $2B. This was partially driven by increases in imports from major trade partners, namely Singapore and Qatar.
- Port Volumes Drop: ID port volumes fell by 12% on a quarterly basis, largely due to a decrease in volume seen by the port of Eastport (-13% vs. Q1 2024).