Exports from L.A. Port Surge in August
Loaded outbound export containers leaving Los Angeles for overseas destinations surged in August, registering an increase of 11.5% compared to July, and a gain of 24.8% compared to August of last year, according to shipping data recently released by the Port of Los Angeles (see chart above). The 184,321 outbound containers set a new record for the month of August, and indicates that the global demand for U.S. manufactured products remains strong. Strong August shipping from the L.A. Port should translate into solid August exports when the BEA releases international trade data next month, as well as contribute to gains in third quarter GDP when those data are released around November 1.
In a related report, the Conference Board announced today that the Leading Economic Index for China increased by 0.60% in July, following increases of 0.90% in June and 0.40% in May. The ongoing increases in China's Leading Economic Index signals that robust economic growth will continue in China through the rest of the year, although it's likely that growth in 2011 will slow slightly from 2010. Continued economic expansion in countries like China will help to support demand for U.S. exports.