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 Dip Slightly: WA exports fell 4% on a quarterly basis, primarily the result of slightly decreased agricultural, food, electronic, and petroleum exports.
- Import Levels Grow: WA imports increased 11% on a quarterly basis, partially due to an uptick in imports from Asia — in particular, China and Japan.
- Port Volume Expands: WA port volumes grew 11% on a quarterly basis, mostly due to elevated volume at major ports such as Spokane, Seattle, and Sea-Tac Int’l Airport.
Oregon
- Exports Surge: OR exports increased 26% on a quarterly basis to over $10B, driven by a significant expansion in exports to Malaysia and Vietnam and computer & electronic product exports.
- Imports Continue to Grow: OR imports grew 10% on a quarterly basis to just over $7.5B, partially attributed to a surge of imports from Taiwan.
- Port Volumes Hold Steady: OR port volume remained stable in Q3 (+1% Q/Q), but a few of OR’s major ports saw a slight uptick of volume — namely, Astoria, Portland, and Coos Bay.
Idaho
- Exports Fall Slightly: ID exports fell by 5% on a quarterly basis, driven by decreased exports to Canada and Japan.
- Imports Surge: ID imports increased 22% on a quarterly basis, reaching over $2B, primarily a result of growth in imports from Asian markets, namely Malaysia, Singapore, Taiwan, Japan and China.
- Port Volumes Drop: ID port volumes dropped by 15% on a quarterly basis, largely due to downturns in volume at the ports of Eastport and Boise.