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District in Florida, State of United States

2023
Economic
Complexity 0.34Rank 18 of 40
Sep 2024
Trade
Exports | Imports $6.31B | $5.45B8 of 43 | 16 of 42
Sep 2024
Country
Destination | Origin Brazil | China $1.3B  | $596M

About

Overview This page contains the latest international trade data for Miami, FL. In September 2024 Miami, FL was the number 8 in total exports and the number 16 in total imports in United States.

Exports In 2023, United States' Miami, Fl exported $74.2B, making it the 8th largest exporter out of the 43 exporters in United States. In 2023 the top exports of Miami, Fl were Other Aircraft parts ($9.49B), Smartphones ($2.34B), Voice & Data Communication Machines ($2.2B), Medicaments in Dosage (n.e.s.) ($2.15B), and Processor-Controller Integrated Circuits ($1.52B).

Imports In 2023, United States' Miami, Fl imported $62.4B, making it the 16th largest importer out of the 43 importers in United States. In 2023 top imports of Miami, Fl were Commodities not specified according to kind ($6.17B), Smartphones ($3.28B), Unwrought Non-Monetary Gold ($3.08B), Processor-Controller Integrated Circuits ($1.86B), and Fresh/Chilled Salmon Fillets (Pacific, Atlantic, Danube) ($1.64B).

Economic Complexity In 2023, the highest complexity exports of Miami, Fl according to the product complexity index (PCI) are Photographic Film (2.06), Photographic Plates (1.4), Gaskets (1.38), Industrial Printers (1.31), Other Nickel Products (1.31), Telephones (1.24), Fairground Amusements (0.87), Aluminium Gas Containers (0.85), Prints (0.81), and Sound Recordings (0.79). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

September, 2024

About

Overview In September 2024 Miami, FL exported $6.31B and imported $5.45B, resulting in a positive trade balance of $864M. Between September 2023 and September 2024 the exports of Miami, FL have increased by $152M (2.47%) from $6.16B to $6.31B, while imports increased by $175M (3.32%) from $5.28B to $5.45B.

Trade In September 2024, the top exports of Miami, FL were Aircraft Parts ($950M), Telephones ($506M), Computers ($292M), Packaged Medicaments ($213M), and Integrated Circuits ($166M). In September 2024 the top imports of Miami, FL were Commodities not elsewhere specified ($600M), Gold ($340M), Telephones ($320M), Fish Fillets ($188M), and Gas Turbines ($163M).

Destinations In September 2024, Miami, FL exported mostly to Brazil ($1.3B), Colombia ($405M), Chile ($365M), Dominican Republic ($330M), and Costa Rica ($264M), and imported mostly from China ($596M), Brazil ($455M), Colombia ($440M), Dominican Republic ($386M), and Vietnam ($238M).

Growth In September 2024, the increase in Miami, FL's year-by-year exports was explained primarily by an increase in exports to Brazil ($157M or 13.7%), United Arab Emirates ($119M or 121%), and Germany ($93.3M or 139%), and product exports increase in Aircraft Parts ($180M or 23.3%), Packaged Medicaments ($121M or 130%), and Gold ($70.1M or 128%). In September 2024, the increase in Miami, FL's year-by-year imports was explained primarily by an increase in imports from Colombia ($66.2M or 17.7%), France ($64.4M or 37.7%), and Germany ($42.9M or 27%), and product imports increase in Gold ($104M or 44.2%), Recreational Boats ($50.3M or 59.9%), and Commodities not elsewhere specified ($35.2M or 6.22%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (September 2023 - September 2024)$152M(2.47%)
IMPORT GROWTH (September 2023 - September 2024)$175M(3.32%)

This section shows exports and imports data at subnational level for Miami, FL. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Miami, FL over time.

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Historical Data

Yearly Exports

Color
Depth
Top Destination (2023)Brazil$13.4B
Top Product (2023)Other Aircraft parts $9.49B

In 2023 the top export destinations of Miami, Fl were Brazil ($13.4B), Colombia ($4.83B), Chile ($4.51B), Dominican Republic ($3.91B), and Argentina ($3.71B).

In 2023 the top exports of Miami, Fl were Other Aircraft parts ($9.49B), Smartphones ($2.34B), Voice & Data Communication Machines ($2.2B), Medicaments in Dosage (n.e.s.) ($2.15B), and Processor-Controller Integrated Circuits ($1.52B).

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Exports Dynamics

Fastest Growing Exports Destination (Sep 2023 - Sep 2024)
Brazil $157M (13.7%)
United Arab Emirates $119M (121%)
Germany $93.3M (139%)
Rapidly Declining Export Origins (Sep 2023 - Sep 2024)
Argentina -$163M (-39.9%)
Paraguay -$49.5M (-17.2%)
Hungary -$47.6M (-99.4%)

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Yearly Imports

Color
Depth
Top Origin (2023)China$7.06B
Top Import (2023)Commodities not specified according to kind$6.17B

In 2023 the top import origins of Miami, Fl were China ($7.06B), Colombia ($4.64B), Dominican Republic ($4.1B), Brazil ($3.94B), and France ($2.92B).

In 2023 the top imports of Miami, Fl were Commodities not specified according to kind ($6.17B), Smartphones ($3.28B), Unwrought Non-Monetary Gold ($3.08B), Processor-Controller Integrated Circuits ($1.86B), and Fresh/Chilled Salmon Fillets (Pacific, Atlantic, Danube) ($1.64B).

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Imports Dynamics

Fastest Growing Import Origins (Sep 2023 - Sep 2024)
Colombia $66.2M (17.7%)
France $64.4M (37.7%)
Germany $42.9M (27%)
Rapidly Declining Import Origins (Sep 2023 - Sep 2024)
Malaysia -$85.9M (-53.9%)
United Kingdom -$37.6M (-20.9%)
India -$32.9M (-26.2%)

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Economic Complexity

Economic Complexity of Miami, Fl

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Economic Complexity (2023)0.34

Miami, Fl ranks 18th out of the 43 districts in United States according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Miami, Fl already has a comparative advantage, are led by Non-optical Microscopes (0.38), Nickel Bars (0.37), Precious Metal Compounds (0.37), Boat Propellers (0.37), and Nickel Sheets (0.36).

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Most Complex Products by PCI

The highest complexity exports of Miami, Fl according to the product complexity index (PCI) are Photographic Film (2.06), Photographic Plates (1.4), Gaskets (1.38), Industrial Printers (1.31), Other Nickel Products (1.31), Telephones (1.24), Fairground Amusements (0.87), Aluminium Gas Containers (0.85), Prints (0.81), and Sound Recordings (0.79). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Aircraft Parts (41.17), Recreational Boats (16.00), Telephones (14.13), Non-Retail Pure Cotton Yarn (13.25), and Prints (11.71).

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Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Miami, Fl is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of  Miami, Fl. These are products that tend to be co-exported with the products that Miami, Fl exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.

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