Second-busiest U.S. container port lauds trade with China "very important"

China has been attached great importance as US's largest trade partner by officials of the second-busiest U.S. container seaport as imports approached record levels in the port.

"The trade with China is very important, not only for the United States, but also for the Port of Long Beach. China counts for 80 percent of our container import movement. So, obviously, that's the central focus," Mario Cordero, executive director of the Port of Long Beach, told Xinhua on Tuesday.

A major gateway for U.S.-Asia trade, the Port of Long Beach in the state of California contributes to around 30,000 jobs in the city and has regional impact on 316,000 jobs in Southern California.

"What we believe is a great partnership," he said. "The relationship that we have with China both in terms as a country and as a part of our most important trade realm in the nation which is a transpacific trade realm, is going to continue."

image credit: internet

Strong consumer demand for goods continued to push cargo higher at the Port of Long Beach, as imports surged more than 10 percent in August compared to the same month last year. The figure was the third-highest monthly import total in the Port's 106-year history, according to port officials.

And Long Beach terminals processed 692,375 twenty-foot equivalent units in all -- 8 percent more than last August's shipments -- making it the second-busiest August ever and the third-highest container volume for any month. Cargo is up by 6.6 percent for the first eight months of the year over 2016.

"When you look at the map, we are the closest proximity to China, our largest trade partner, both for Long Beach and the United States," the executive director said, adding that mutual benefits are the base of the relationship between the port and its Chinese partners.

"By 2050, China would probably have the largest middle class in the world. China is going to have a lot of demands. Not only the United States, but also most specifically the state of California, has a lot to offer in terms of not only the standard containerised movement what we have today, but addition to greater agriculture products. Long Beach is in very good position to maximize that," said Cordero.

Officials said that they have already invested billions of U.S. dollars to modernize the facilities in the port, aiming to offer the best services to customers, including China COSCO and other Chinese partners.

Noel Hacegaba, chief commercial officer and managing director of operations of the Port of Long Beach, told Xinhua that the development of Chinese economy has played a very significant role in the development in gross for the port of the Long Beach.

"When you look at our statistics, when you look at where the import are coming from, China is right at the top," said Hacegaba.

"Over 80 percent of our business comes from Asia, and vast majority comes from China. So there is no question that the development of Chinese economy has a very positive impact on the port of Long Beach," he added.

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Survey: Economy Expands in June, Especially China

There is the latest Manufacturing ISM® Report On Business® which was issued yesterday by Timothy R. Fiore, CPSM, C.P.M.,the report was said that economic activity in the manufacturing sector expanded in June, and the overall economy grew for the 97th consecutive month.

Comments from the panel generally reflect expanding business conditions; with new orders, production, employment, backlog and exports all growing in June compared to May and with supplier deliveries and inventories struggling to keep up with the production pace."

What about the domestic?

image credit: internet

China's manufacturing sector resumed its expansion in June, according to a key private survey, which analysts say tends to confirm stabilization in the world's second-largest economy despite some domestic financial tightening and unstable markets abroad.

The Caixin/Markit Manufacturing Purchasing Managers Index came in at 50.4, up from 49.6 in May, the fastest pace of growth in three months, according to survey results released on Monday.

A reading above 50 signals expansion, while one below 50 indicates contraction.

The rise in the Caixin PMI was mainly driven by output and new orders. The subindex of prices also rose quickly, according to Caixin Media, the provider of the index. Total new orders rose to 51.0, the highest level in three months, up from 50.3 in May, with new export orders also increasing.

The rate of expansion in output quickened in June, and job-shedding eased to its slowest pace in three months, according to Caixin.

Results of the Caixin PMI, which surveys about 500 smaller private companies, especially in China's eastern coastal areas, are in line with the June PMI reading released by the National Bureau of Statistics, which surveyed about 3,000 larger enterprises in various industries, including State-owned companies. The NBS survey set June manufacturing PMI at 51.7, up from 51.2 the previous month.

"Based on the current situation, China may be bottoming out," said Zhang Liqun, an economist in the Development Research Center of the State Council, China's Cabinet.

China achieved year-on-year GDP growth of 6.9 percent in the first quarter of this year, well above its preset target of about 6.5 percent for the year. However, some analysts remained unsure how the Chinese economy would fare this year and said that GDP growth in the first three months was simply unexpected and that it would fall in coming quarters.

The June PMI reading "was more like a rebound, with an economic downtrend likely to be confirmed later", Zhong Zhengsheng, director of Macroeconomic Analysis at CEBM Group, said in a note after the release of the Caixin PMI.

Bank of China International, the bank's investment banking arm, said that based on economic data available so far, such as PMI, China's growth in the second half of this year may be higher than market expectations.

"We should not be pessimistic about the Chinese economy in the second half," it said in a research note.

The IMF recently raised its forecast of China's GDP growth for this year to 6.7 percent from the previously predicted 6.6 percent.

We can know that China’s global trade will be more and more popular in the world and China will be more influential from that report. So why don’t you do business with China?

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