Port of LA Box Volumes Dip
The Port of Los Angeles, the nation's busiest for ocean trade with China, processed fewer containers of imported and exported goods in October as the U.S.-China trade war roils the domestic economy and global supply chains.
October imports dropped 19% to 392,768.6 TEU - or 20-foot equivalent unit - versus a year ago. Exports also fell 19%, landing at 140,331.5 TEU. A TEU is a standardized maritime measurement for counting cargo containers.
"With 25% fewer ship calls, 12 consecutive months of declining exports and now decreasing imports, we're beginning to feel the far-reaching effects of the U.S.-China trade war on American exporters and manufacturers," Port of Los Angeles Executive Director Gene Seroka said.
The data came amid reports that China and the United States have agreed to roll back tariffs on each others' goods as part of the first phase of a trade deal.
"We expect soft volumes in the months ahead and with the holiday season upon us, less cargo means fewer jobs for American workers," said Seroka, who called for a negotiated settlement to the trade standoff between Washington and Beijing.
(Reporting by Lisa Baertlein in Los Angeles Editing by Leslie Adler)