Money & Company
Tracking the market and economic trends that shape your finances.

October 14, 2010 | 12:00 pm

Foreigners didn’t want our cereals this summer. Our oil, aircraft or chemicals either. That’s according to a trade report by Beacon Economics that indicates that California’s exports faltered in August after nine months of steady recovery.

The state shipped $11.85 billion worth of goods in August, just 0.2% higher than what it sent in July. In the past decade, August export trade has on average exceeded July by 7%, said Jock O’Connell, international trade adviser at Beacon Economics.

“August 2009 was a lousy month in an exceptionally dismal year for trade,” O’Connell said.

He doesn’t think exports from the state will increase in the next few months, because austerity measures abroad are weakening consumer demand.

The state imported $30.35 billion in August, a whole lot more than it exported, making the state’s trade deficit $18.47 billion.

California’s share of U.S. exports was 11.1% in August. The state’s share of exports has been shrinking since 2002, when it had a 15% share.

Still, the numbers were a modest improvement from August 2009, when the state exported $10.03 billion worth of goods.

Beacon also posted July numbers on where our goods are going, and what we’re sending. The state’s fastest-growing trade partners are Brazil and Israel, while its fastest-shrinking partners are Switzerland and the United Kingdom.

To read entire story, click here.