Tuesday, November 17, 2009

Ports See Higher Shipping Traffic, The Chinese are Buying

The L.A. Times reports today that ports in California are seeing improving traffic.
The Port of Los Angeles for example saw higher exports in October, for the first time this year, apparently driven by Chinese consumers buying U.S. products, and factories stocking up on raw materials.
Some see this as a sign that global economic conditions may be starting to recover. At the Port of Long Beach, exports were down, but not as much as they have been the rest of this year.
The L.A. Times says that imports were down at both ports, but again the drop was smaller thatn in previous months.
IHS Global Insights managing director says that trade volumes have begun to creep up: "You are seeing some strengths in the Chinese economy from the positive effects of their stimulus package. They are buying more, and not just raw materials but also finished goods in electronic equipment and automotive equipment."
Economists, however, say it "could be years before the volume of trade at West Coast ports returns to levels seen in 2006 and 2007. In other ports, such as Oakland, it has yet to slow at all".

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Jr Deputy Accountant said...

I don't believe the line about Oakland, knowing better.

The Shocked Investor said...

Jr, would love to see your comments on Oakland. Thank you.

Unknown said...

A new study on the Chinese Shipping industry was just published, and it's forecasting a total drop in volume of 10% in 2009.

China Shipping Report Q4 2009

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