Port of Oakland exports increased 10.8 percent last month compared to October 2018 volumes, according to data released today. The Port labeled the double-digit jump positive amid reports that the U.S.-China trade war could be easing.
“Our export customers have demonstrated their resilience throughout this tariff standoff,” said Port of Oakland Maritime Director John Driscoll. “For their sake, we hope the conflict is resolved and overseas business can grow even more.”
The Port said it shipped the equivalent of 87,393 20-foot export containers overseas in October. Most of that cargo went to Asian markets including China – Oakland’s leading trade partner. Through the first 10 months of 2019, Oakland exports were up 3.5 percent over last year, despite increased tariffs.
The Port attributed export growth to a pair of factors:
• Continued strong Asian demand for high-quality U.S. goods, especially farm products; and
• Increased shipments to neighboring countries to counter Chinese volumes depressed by tariffs.
The U.S. and China have both indicated some progress in talks to relieve trade tensions. According to reports, an accord is under consideration that could roll back some tariffs imposed over the past year. The Port has been on record opposing the levies.
The Port said that easing of the trade conflict would be welcome by both export and import customers. Oakland import volume declined 4.6 in October, though it remains up 2.7 percent for the full year. Total volume, which measures imports, exports and empty container repositioning, is unchanged year-to-date from 2018.
