The Port of Long Beach culminated in its second-busiest year on record by moving more than 7.6 million TEUs, despite the ongoing US-China trade war, Executive Director Mario Cordero announced Wednesday at the annual State of the Port address.
The International Group of P&I Clubs has published its Annual Review which provides an overview of the Group, key activities and areas of engagement.
Oil prices dropped an almost 1% on Wednesday, following a surprise build in the U.S. crude inventories led by a concern within the trading and analytical communities that a new round of tariffs on Chinese goods might be imposed in the following days.
After 11 months of 2019, total volumes have increased .4% in the Port of Los Angeles- America’s premier port- compared to its record-braking 2018. In a statement, it is said that the Port moved 728,918 Twenty-Foot Equivalent Units (TEUs) in November, a 12.4% decrease compared to last year.
Japan and South Korea and have reached an agreement to discuss their current trade war in December, with a preparatory meeting due to be held in Vienna in the week to come. In a statement, South Korea’s Ministry of Trade, Industry and Energy highlighted that “During the December meeting, the two countries plan to exchange opinions on various domestic and external situations related to export control.”
Port of Los Angeles issued the “By the Numbers: Jeopardizing the National Benefits of Trade through America’s Busiest Port Complex” report, highlighting that tariffs have a negative impact on jobs, income and tax revenue.
An ongoing trade war between US and China seems to affect volumes in the Port of Long Beach, the second busiest port in the US, which saw a 2.4% reduction in its TEUs handled through October, compared to the same month last year.
Although in the first place US and China top negotiators discussed on removing the additional tariffs imposed to China, in a “phase one” trade deal, the Trump administration never fully agreed to these changes, with President Donald Trump stating that the two countries haven’t come to an agreement yet.
In light of the trade war between the US and the EU, the tariffs seem to be affecting Greece’s most buoyant export sectors, its canned peach, Reuters reports. The increase in tariffs came into effect on October 18, when Greeks were ready to ship 50 million tins to US markets.
Sharing figures for the month of August, the US Port of Long Beach said it saw the fifth-busiest August in its 108-year history, handling a total of 663,992 TEUs. However, this represents a 2.3% decrease in its cargo movement compared to August 2018.
