2008 and 2009 were described as “dismal years” for international trade at the ports of Los Angeles and Long Beach. But 2010 and 2011 are looking up, according to a report from the Los Angeles County Economic Development Corporation.
The Trade Trends & Impacts report forecasts that the ports' trade will increase nine percent and be worth $308.5 billion this year, while trade volume is expected to increase 10 percent.
“The global economic downturn was a huge problem in 2009, as the economies of four of the Los Angeles Customs District's top five trading partners dropped into recession,” said LAEDC Chief Economist Nancy Sidhu. “However, all five economies have now returned to growth mode, which bodes well for international trade activity in 2010.”
The LAEDC states that terminal expansions and railroad projects will be ready for the increased trade. Chief among the trading partners ready to rebound is China, and L.A./Long Beach handles more than one-third of American trade with that nation.