Friday, August 10, 2012
New York port could rival LA-Long Beach for number one ranking
The Port of New York ranks third in the nation for container volume, but its trade is growing so quickly it could rival Los Angeles and Long Beach for the number one position, according to Crain's New York.
Shipping through New York's seaports and airports surged 18 percent last year to $418.3 billion due to increased trade with China, while trade in L.A. grew 12 percent, according to Baruch College's Weissman Center for International Business.
"It is not inconceivable that New York could surpass Los Angeles as the largest trade area in the country," wrote Eugene Spruck of Weissman Center, a former chief economist for the Port Authority.
The New York port reported June as its second-best ever, with 276,225 TEUs lifted off ships. Rail traffic from the port increased 10 percent, while truck traffic increased 29 percent.
"As the cost of labor and manufacturing in China continues to increase relative to other parts of the world like India and Bangladesh, we believe a significant portion of that trade will end up in New York," said Port Authority executive director Patrick Foye to New York Daily News.
For more of the New York Daily News story: nydailynews.com
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