{"id":51545,"date":"2020-03-04T07:29:04","date_gmt":"2020-03-04T12:29:04","guid":{"rendered":"https:\/\/olduvai.ca\/?p=51545"},"modified":"2020-03-04T07:29:10","modified_gmt":"2020-03-04T12:29:10","slug":"ground-zero-for-trade-port-of-long-beach-warns-of-shipping-slump-from-china","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=51545","title":{"rendered":"“Ground Zero For Trade” \u2013 Port Of Long Beach Warns Of Shipping Slump From China"},"content":{"rendered":"\n

“Ground Zero For Trade” \u2013 Port Of Long Beach Warns Of Shipping Slump From China<\/a><\/h3>\n\n\n\n

Investors are grossly underestimating the potential economic impact of Covid-19<\/a> as the first signs of China’s supply chain meltdown are now washing ashore on US West Coast ports. <\/p>\n\n\n\n

The Port of Long Beach, the second-largest containerized port in the US, has had two top officials warn<\/a> in the last several weeks of chilling effects of supply chain disruptions from China. <\/p>\n\n\n\n

Last week, the Deputy Executive Director of Administration and Operations for the Port of Long Beach Noel Hacegaba warned<\/a> China’s economic paralysis led to the increase of blank sails between China and the US. He said port activity plunged in January and February, with expected weakness to continue through March.  <\/p>\n\n\n\n

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Hacegaba said the slowdown at Long Beach is starting to hit the local economy around the port. He said it could only be a matter of time before it triggers a broader slowdown in the region, and even maybe in the overall US economy. <\/p>\n\n\n\n

As we’ve noted in many pieces of creaking global supply chains fast emerging<\/a> in China and spreading outwards, Deutsche Bank’s senior European economist Clemente Delucia last month pointed out in a report<\/a> titled “The impact of the coronavirus: A supply-chain analysis” <\/em>that the US is overly exposed to a crashing China economy.<\/p>\n\n\n\n

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As for the second Long Beach official, Bloomberg<\/a> quoted Mario Cordero, executive director of the port, who said cargo volumes are expected to slump 9% YoY in February due to declining shipments from China.<\/p>\n\n\n\n

Cordero said February’s YoY loss is nearly double of 2019’s decline of 5.4%, which has already resulted in a 50% reduction in labor at the port. He said the East Asia shipping route accounts for 90% of shipments through the port. <\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Ground Zero For Trade” \u2013 Port Of Long Beach Warns Of Shipping Slump From China Investors are grossly underestimating the potential economic impact of Covid-19 as the first signs of China’s supply chain meltdown are now washing ashore on US West Coast ports.  The Port of Long Beach, the second-largest containerized port in the US, has had […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,4856,3237,805,827],"class_list":["post-51545","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-shipping","tag-supply-chains","tag-trade","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51545"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51545\/revisions"}],"predecessor-version":[{"id":51546,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51545\/revisions\/51546"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}