International Trade News
Growth in US containerized exports continues, but slows, despite uncertainties over the direction of US trade policy, a strong dollar, and growing competition.
The deal follows the official adoption earlier this year of an ambitious development plan for the port.
The plan was announced during an official ceremony held on Friday to commemorate the 150th anniversary of the port’s opening.
Roughly $4.6 billion is needed at East and Gulf coast ports to remedy pinch points in harbor infrastructure.
The decision will facilitate infrastructure investment.
The expansion will enable the terminal to add a fourth berth and boost the total terminal area by nearly 30 percent.
"We have seen growth spurts before that have fizzled out and regressed back to the downwards trend soon enough, although admittedly none in recent years have been close to the same magnitude.”
Recommendations highlight the unique requirements of mega-ships and the complexity of bringing them to berth.
The move will impact port and supply chain investments under the Belt and Road program.
Indices measuring the health of Japan’s import and export container trade improved in the first quarter.