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Major US ports report declines in trade volumes

America’s top two busiest container ports, the Los Angeles and Long Beach, on Tuesday, June 11, reported declines in export volumes in May amid an ongoing trade war with China. For LA, it marks the port’s 7th straight month of declines in exports.

The Port of Long Beach meanwhile registered a 19.5% decline in imports in May, which economists suggested may reflect big-box retailer concerns about inventory levels.

“The best we can say right now is that importers — at least through the Southern California ports — were concerned probably more about the size of the inventories right now than with anything else,” said Jock O’Connell, a California-based international trade advisor for Beacon Economics. “Having already brought in vast numbers of commodities in anticipation of previous tariffs, they are pretty well stocked up.”

Read more on CNBC.

 

Source: CNBC

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