Trade Rises at Region’s Ports
Combined trade at the two biggest U.S. ports surged in February by the largest margin since October 2000, reflecting increased consumer spending and a rebound in demand from the nation’s trading partners.
The ports at Los Angeles and Long Beach received 436,681 containers of goods in February, up 41.2% from the same month last year. Exports rose 12.8% to 175,734 containers.
“Retailers are replenishing their inventories and American consumers continue to buy as the economic news improves,” said Richard Steinke, the Port of Long Beach’s executive director. “This is good solid growth for this time of the year.”
Shipments into Long Beach rose 30.4% to 202,276 containers. Exports grew 10.3% to 83,333 containers.
Imports into Los Angeles increased 52.2% to 234,405. Exports climbed 15% to 92,401 containers.
The number of empty containers shipped from Long Beach fell 4.5% to 77,374. Each container is 20 feet long. Exports of empties from Los Angeles rose 12.6% to 108,202 containers last month from a year earlier.
The leading imports include electronics, clothing, toys and shoes.
The U.S. is projected to grow at a 3% annual rate in the coming quarter, after expanding at a 4.1% pace in the first three months of the year, according to a Bloomberg News survey of 36 economists.
The U.S. added 66,000 jobs in February, the first increase in seven months, and the unemployment rate unexpectedly fell to 5.5%. That helped boost consumer confidence, which paid off in increased retail sales.
U.S. consumer confidence surged in March, as optimism grew about the job market in a recovering economy. The Conference Board’s gauge of sentiment rose to 110.2 for the month from 95 in February. This month’s index was the highest since August. Consumer expectations for the economy six months from now soared to the highest in 11/2 years.
Wal-Mart Stores Inc., the world’s largest retailer, said last week that fiscal first-quarter sales at stores open at least a year will be at the upper end of forecasts of an increase of 5% to 7%.
