How California’s Economy Benefits from International Trade & Investment
Number of Trade Jobs: 4,700,000
Number of Trade Jobs: 4,700,000
Congestion at the docks dragged down cargo volume at the ports of Long Beach and Los Angeles for a second consecutive month in February, according to figures released Tuesday.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.8 billion in January, down $3.8 billion from $45.6 billion in December, revised. January exports were $189.4 billion, down $5.6 billion from December. January imports were $231.2 billion, down $9.4 billion from December.
The trade deficit shrank to a seasonally adjusted $41.75 billion in January, the Commerce Department said Friday, as crude imports fell and created the lowest deficit for petroleum products in over a decade.
The Port of Oakland shut down operations Thursday as longshore workers attended a union meeting instead of showing up to work amid a protracted labor dispute with shippers.
As employers at the ports along the West Coast on Monday refused to unload ships for the sixth day out of the past 10, their nine-month contract dispute with port workers is becoming a significant business problem.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $46.6 billion in December, up $6.8 billion from $39.8 billion in November, revised. December exports were $194.9 billion, down $1.5 billion from November. December imports were $241.4 billion, up $5.3 billion from November.
Petroleum imports accounted for less than 20% of the nation’s trade deficit last year, down from more than 40% only five years earlier, according to figures for 2014 released Thursday.
Currently, port officials say roughly 20 percent of all the cargo moving through the country goes through the ports of Long Beach and Los Angeles – the busiest in the nation. But without change, their share could drop.
The Port of Oakland has reached an all-time high in cargo volume last year, and that’s largely because the ports of Long Beach and Los Angeles diverted some of their cargo north, the Sacramento Bee reports. In December, the Southern California ports rerouted a total of 74,356 containers to Oakland.
Now, with congestion worsening at the nation’s busiest seaport complex and the Pacific Maritime Association’s suspending all ship-unloading on night shifts, all eyes turn to the warring longshore workers union and their employers, the PMA, to quickly resolve a contract through federal mediation.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $39.0 billion in November, down $3.2 billion from $42.2 billion in October, revised. November exports were $196.4 billion, $2.0 billion less than October exports. November imports were $235.4 billion, $5.2 billion less than October imports.
There is no question that a uniform global system of measurement helps cross-border trade and investment. For this reason, labor unions were among the strongest opponents of 1970s-era metrication, fearing that the switch would make it easier to ship jobs off-shore.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.4 billion in October, down $0.2 billion from $43.6 billion in September, revised. October exports were $197.5 billion, $2.3 billion more than September exports. October imports were $241.0 billion, $2.1 billion more than September imports.
Shipping snafus on the West Coast caused by problems at two major ports are starting to take a bite out of retail.