Aviation, Pharmaceuticals, and Precious Metals Propel Growth
The hum of jet engines, the gleam of gold, and the promise of cutting-edge medicine defined the Miami Customs District’s trade in Q3 2024, as the region posted a total volume of $35.6 billion. With exports surging to $19.4 billion (a 7.67% increase year-over-year) and imports reaching $16.2 billion (up 1.8%), the district (comprising Miami-Dade, Broward and Palm Beach counties) continued to flex its muscle as a trade hub for the Americas. While aviation parts and pharmaceuticals soared to new heights, telecommunications and computers faced headwinds, painting a picture of a trade ecosystem in flux but growing.
EXPORTS: MIAMI’S SKYWARD MOMENTUM
Exports in Q3 2024 were anchored by growth in high-value goods, particularly aircraft parts and packaged medications. Aircraft parts, the district’s top export, rose 35.7% to $2.99 billion, driven by strong demand from Latin America, particularly Brazil, which accounted for an impressive 59.4% of the total. The surge reflects Brazil’s aggressive efforts to modernize its aircraft fleet and aviation infrastructure, reinforcing Miami’s role in the global aviation supply chain. Pharmaceutical exports told a similar story. Packaged medications soared 42.9% to $576 million, benefiting from Miami’s strength in healthcare logistics and manufacturing. Costa Rica emerged as a key partner, with exports growing 18.3% to $820 million, driven by the region’s increasing focus on public health and access to made-in-the-U.S. medicines. Despite these gains, some sectors declined. Telecom equipment, including telephones, fell 2.94% to $1.15 billion, while computers declined 7.28% to $899 million, reflecting market saturation and shifting demand patterns.
IMPORTS: PRECIOUS METALS AND APPAREL
Imports to the Miami Customs District reached $16.2 billion in Q3, with notable growth in precious metals and apparel. Gold imports rose 36.8% to $991 million, solidifying Miami’s role as a key hub for refining and redistributing gold across the Americas. Colombia remained a significant source, reflecting the country’s prominence in the region’s gold trade. Knit T-shirts saw modest growth, climbing 6.71% to $382 million, reflecting steady demand in the U.S. for apparel sourced from nearshoring factories in Latin America. Yet not all commodities shared this momentum. Fish fillets, a staple import for Miami, dropped 4.53% to $581 million.
Telephones, another key import, fell 3.44% to $1.03 billion, reflecting a cooling in demand for consumer electronics amid global economic uncertainties. China’s 13.5% drop in imports, meanwhile, suggests a recalibration of supply chains, with Miami leaning into stronger trade ties with Colombia, Brazil, and the Dominican Republic.
