Los Angeles (PRWEB) May 12, 2010
Southern California’s key international trade industry will see improving activity during 2010 and 2011 after two dismal years in 2008 and 2009, according to the International Trade Trends & Impacts report released today by the Los Angeles County Economic Development Corporation (LAEDC).
The total value of two-way trade through the Los Angeles Customs District should increase by 9.0 percent to $308.5 billion, while the number of containers moved at the ports of Los Angeles and Long Beach will grow by 10.2 percent in 2010.
“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, Ph.D. “However, all five economies have now returned to growth mode, which bodes well for international trade activity in 2010.”
Trade growth at the ports was helped by a number of new projects to meet environmental mandates and expand capacity. At the port of Los Angeles, work is moving on both the Transpacific Terminal and the China Shipping Terminal. At Long Beach, construction at Pier G continues, and the completion of the environmental impact report (EIR) for the Middle Harbor project cleared the way for construction to begin there as well, which has the potential to create additional jobs . The steady increase of export volumes helped by the early recovery in the Asian economies will also contribute to the growth in international trade activity.
“All of these projects have a two-part impact,” said Sidhu. “Jobs are being created today—when they are desperately needed—and capacity will be increased for the future when trade activity revives.”
“Capacity at the local ports has been a concern in the past, but expansion plans are moving again,” said LAEDC Founding Economist Jack Kyser.
For more on the 2010 International Trade Report and the studies visit: http://tinyurl.com/2fqtorl
NEWS ADVISORY ON EVENT IN LONG BEACH:
EMBARGOED-2010-2011 LAEDC International Trade Outlook Report and a special report on China, L.A. County’s largest trading partner. Study results to be released Wed., May 12, 2010, 12:01 AM PDT.
Stella Li, CEO of BYD Electronic International Company Ltd.
Rana S. Mookherjee, Director, Channel Strategy and Dev. Energy and Environmental
Solutions for Applied Materials
Jack Kyser, Founding Economist Kyser Center for Economic Research
Nancy Sidhu, Chief Economist, Los Angeles County Economic Dev. Corp.
WEDNESDAY, May 12, 2010 (Please call for link & advanced interviews)
7 A.M. – 8 A.M. Breakfast & Check-in. Program: 8 A.M. – 10:30 A.M.
Hilton Long Beach & Executive Meeting Center
701 West Ocean Boulevard, Long Beach, CA 90831-3102
Tel: 1-562-983-3400 Fax: 1-562-983-1200
Editors Note: For media interviews, please contact:
Aida Mayo or George McQuade
About the LAEDC
The LAEDC, the region’s premier business leadership organization, is a private, non-profit organization established in 1981 under section 501(c) (3). Its mission is to attract, retain, and grow business and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 157,000 jobs, providing $7.5 billion in direct economic impact from salaries and $128 million in annual tax revenue benefit to local governments and education in Los Angeles County. Visit http://www.laedc.org or call (888) 4-LAEDC-1.