The state’s exports of goods to foreign markets in totaled $14.13 billion in the latest numbers, down 0.7% from the $14.23 billion recorded in May 2014. By way of comparison, total U.S. exports of goods saw a 7.2% decline in the same period, while exports from Texas shrank by a full 12.0%.
Amid increasing economic turmoil in key overseas markets, California export trade edged down only 0.7 percent in May compared with the same month in 2014, according to an analysis of U.S. Commerce Department figures.
A stronger dollar and international turmoil are weighing on overseas consumers, meaning trade is unlikely to provide much support to the U.S expansion this year.
The legislation, passed 60-38, will give Mr. Obama “fast track” authority that allows him to submit trade deals to Congress for an up-or-down vote without amendments. Negotiators have said that process is crucial to completing the 12-nation trade deal with countries around the Pacific Ocean, known as the Trans-Pacific Partnership.
The Port of Los Angeles saw a less than 1 percent increase in container cargo movement last month compared to the year-ago period, though the increase was due to a large volume of empty containers heading back overseas.
The report analyzes the Southern California and national “Trade and Goods Movement” industry, related infrastructure projects, and related issues such as real estate needed for industry growth. The report delves into the specifics of LA County’s top international trading partners, including a forecast for economic activity related to trade. The report also provides analysis of employment related to this key piece of the Los Angeles County regional economy.
When China was booming, scrap dealers focused heavily on that market. Ships that carried furniture and other household goods from China to California returned stuffed with old metal and boxes ready to be converted into new products. That traffic has slowed.
Data from the trade consulting group Trade Partnership Worldwide illustrates how the congressional districts with the highest value of exports in 2013 (excluding oil and gas shipments) were places where the number of households earning more than $100,000 a year and the number of college graduates were above the national average–often far above. (See the complete chart.)
The state’s exports of goods to foreign markets in April totaled $14.39 billion, up from the $14.09 billion recorded in April 2014. By way of comparison, total U.S. exports of goods saw a 4.2% decline in the same period, while exports from Texas shrank by a full 9.0%.
Southern California’s twin ports posted their third best year on record in 2014, despite port congestion and the West Coast labor dispute that affected commerce from the coast to the Inland Empire and beyond.
The gap shrank by 19.2 percent to $40.9 billion from the prior month’s $50.6 billion that was the widest in more than six years, Commerce Department figures showed Wednesday in Washington. The median forecast in a Bloomberg survey of 72 economists called for a deficit of $44 billion. Purchases of foreign-made goods declined after the end of a labor dispute at West Coast ports caused them to jump in March.
The world’s biggest container-shipping operators are making an expensive bet by committing billions of dollars in giant vessel orders. So far, that bet is a losing one as freight rates hover around record lows and demand for ocean shipping is weak.
Ship traffic has returned to normal following months of congestion and backup during labor negotiations, Port of Los Angeles Executive Director Gene Seroka told harbor commissioners today.
Steve Gardner’s yard, where 90 additional containers of frozen foods and California agriculture sit, is an example of what can go wrong with what academics and economists call the goods movement industry. In Southern California, it’s a multimillion dollar industry that employs tens of thousands of workers, and is rife with congestion problems that’s slowing the region’s economy.
The labor strife not only slowed shipments through the enormous facility and its network of trains and trucks that transport goods throughout the country, it also created an opening for competitors to show that they could fill the void. As containers sat and goods spoiled during the port slowdown in California in January and February, the ports along the Gulf of Mexico and on the East Coast took advantage by stepping up to handle the cargo with greater efficiency.