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            september 23, 2019

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Busworld 2019


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Strong economy, rising wages, low unemployment


A strong US economy, tame inflation, under control interest rates, low unemployment and rising wages show a consumer spending boom is in the offing, says Port of Long Beach executive director Mario Cordero.
"With so much at stake on both sides, we believe the United States and China can resolve their differences, keep our respective economies growing," said Mr Cordero.
"In our view we see gains in 2019, although probably at a more conservative level," he said, reported Fort Worth's Tank Transport journal.
During 2018, the port moved 8,091,023 TEU, up 7.2 per cent year on year. Imports grew 6.1 per cent to 4,097,377 TEU. Exports totalled 1,523,008 TEU, up 3.6 per cent; empties increased 11.8 per cent to 470,638 TEU.
Mr Cordero said the port is moving ahead with plans to increase the share of cargo that moves through the port by rail, which he said is more efficient and sustainable than using trucks.
"Rail is a big part of our green future," he said.
With ships getting bigger and trains longer, he said the port has plans to spend US$1 billion on rail improvements. These include $870 million for improvements to benefit Pier B in the port, a second track between Pier G and Pier J and realignment of tracks on Terminal Island, which will benefit five terminals.
He said in March the port will move forward to close a rail crossing on Ninth Street in the city that will allow the use of larger trains.
The port moves nearly 30 per cent of cargo in and out by rail and in the long term, he expects to move half of containers in and out of the port by rail.

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