Imports to busiest U.S. seaport complex fall 6% in May

  • Thursday 13, June 2019 07:50 AM
  • Imports to busiest U.S. seaport complex fall 6% in May
Sharjah24 – Reuters: The Los Angeles and Long Beach port complex - the No. 1 hub for U.S. ocean trade with China - processed 6.3% fewer inbound cargo containers in May, signaling that the escalating U.S.-China trade war is roiling business activity.
Exports from the California seaport complex, the nation's busiest, fell 7.4% year-on-year, the two ports said.

U.S. companies ranging from retailers to manufacturers stockpiled goods before Washington and Beijing began slapping tariffs on imports last year. The May decline comes at a time when importers are typically ramping up for the peak shipping season that brings in goods for the winter holidays.

"Escalating tariffs have pushed retailers to order goods early, warehouses are brimming with inventory as a result, and in response, ocean carriers are managing their vessels to deal with reduced demand," said Mario Cordero, executive director at the Port of Long Beach, where imports fell 19.5% versus May 2018, more than offsetting a 5.5% increase in imports at the larger Port of Los Angeles.