TREND: Of the top ten U.S.-Mexico ports of entry in terms of total merchandise trade in 2019, Santa Teresa PoE continued to suffer the most in terms of year-over-year decreases in October compared to the same month last year. On the other hand, Laredo PoE, Eagle Pass PoE, and Otay Mesa PoE were the only ports to see increases. Moreover, each of the top ports increased on a monthly basis compared to September.
•In October, Santa Teresa PoE witnessed the sharpest year-over-year decline in total merchandise trade of the top ten ports on both a relative and absolute basis at -13.2%, a $352 million decrease compared to October of 2019, while El Paso PoE had the second largest absolute year-over-year decrease at $270 million (-3.7%).
•Nevertheless, total trade in Laredo PoE, Eagle Pass PoE, and Otay Mesa PoE increased in October on a year-over-year basis by 7.7% ($1.5 billion), 21.4% ($545 million), and 0.7% ($32 million), respectively.
•In addition, the top 10 ports all saw monthly gains in total trade in October compared to September. On a relative basis, Santa Teresa PoE led the way with a 32.7% ($570 million) increase, followed by Calexico-East PoE with a 16.7% ($235 million) increase, Laredo PoE with a 10.4% ($1.9 billion) increase, and Eagle Pass PoE with a 9.9% ($278 million) increase compared to last month. El Paso PoE increased by 8.3% ($532 million) in October on a monthly basis.
•Laredo PoE reached its highest level of imports ever in October at roughly $13.1 billion.
TAKEAWAY: While yearly totals compared to last year are down due to the severe economic restrictions earlier in the year, the increases in total trade seen at each of the top ports on a monthly basis in October, and the year-over-year increases at the three aforementioned ports, are important signs of recovery.
* Since 2014, the Hunt Institute for Global Competitiveness at The University of Texas at El Paso has provided economic analysis of the Paso del Norte Region that includes the binational communities of El Paso, Texas; Las Cruces, New Mexico; and Ciudad Juárez, Mexico. The mission of the Hunt Institute is to produce high-quality market analysis tools that can strengthen regional and binational cross-border economic and social development. Twitter: @HuntPasoDeNorte