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Port Volume Expected to Grow 5% Annually

CALIFORNIA | SOUTHLAND FOCUS

January 25, 2000|Stephen Gregory

Cargo volume at the Port of Los Angeles is projected to increase by at least 5% annually in the next several years, driven largely by the continued growth of China as a trading partner, port Executive Director Larry Keller is expected to say today in a speech on the port's outlook. Earlier this month, the nation's second-busiest port reported that it had handled a record high 3.8 million containers in 1999, a 13% increase over the previous year. Keller is scheduled to tell local business leaders attending the facility's annual forum that China already accounts for nearly a quarter, or $22 billion, of the total value of all goods shipped through the facility. In good news for exporters, Keller predicts that in the next several years, the world's most populous nation is expected to need more U.S. goods, such as raw materials and scrap products, as its manufacturing sectors grow. Another trading partner to watch, Keller predicts, is Chile, which, despite uncertainty about the trade policies of its new government, is nevertheless expected to ship 10% more agricultural products through the port this year.

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