Inflation reversed what appeared to be a modest increase in California’s merchandise export trade in January (the latest numbers available).
Foreign shipments from California businesses increased 4.5% over January 2021 levels, and overall, California accounted for 9.3% of the nation’s merchandise export trade.
“Unfortunately, these ‘gains’ are an illusion,” said Jock O’Connell, Beacon Economics’ International Trade Advisor. “Heightened rates of inflation and shifts in commodity prices and exchange rates in recent months sharply degraded the apparent increases.”
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