L.A., L.B. Ports Hit Record Levels
The U.S. economy may be slowing down, but it wasn’t evident at the ports of Los Angeles and Long Beach, where trade is booming.
According to a recent study by the Los Angeles County Economic Development Corp., trade at the two ports is expected to rise by 9.2 percent this year, which means the two ports will process 17.2 million 20-foot containers. Compare that to the 9.5 million containers the ports unloaded and loaded in 2000.
That makes it the busiest port complex in the United States and the fifth most-active in the world.
The No. 1 item coming through the ports was electronic machinery, valued at $34.3 billion in 2006. No. 2 on the import list were motor vehicles and parts, valued at $29.5 billion. Apparel made a strong showing, with $18.6 billion of clothing coming through the ports in 2006, up from $16.2 billion in 2005.
Exports through the ports also continued to climb. Los Angeles’ largest export commodity was electrical apparatus, valued at $12.1 billion. “A piece of good news is that exports out of the customs district should continue to grow rapidly, rising by 14.9 percent due to the weakness in the U.S. dollar combined with favorable economic conditions in the region’s major trading partners,” said Jack Kyser, chief economist at the LAEDC, which prepared the study.
Meanwhile, international freight tonnage coming through Los Angeles International Airport declined by 1 percent to 1.088 million tons, but its value increased by 7.8 percent to $80.2 billion in 2006.
China remains the region’s top trading partner, both in exports and imports, followed by Japan and South Korea.
Two-way trade between China and Los Angeles grew 15.6 percent in 2006 to $126 billion. Trade between Japan and the region increased 9.1 percent to $50.7 billion, and South Korea’s trade was up 15.6 percent to $20.7 billion.—Deborah Belgum
