Strong export growth experienced across the nation in 2010 was capped by record numbers at many larger ports in November and the momentum is likely to continue in 2011, reports The Journal of Commerce.
Data from research analyst PIERS, a sister company of the JOC, supports the expectation that containerized exports – which jumped nearly 12 percent in the first half of 2010 before slowing in the third quarter – will accelerate to mid- to high single-digit growth over the next few quarters.
Fueled by a growing Asian middle class, overseas crop issues and a weak U.S. dollar, demand for U.S. goods from agriculture to manufactured products is accelerating. Congressional approval of a recently negotiated U.S.-South Korea free trade agreement stands to push those exports upward dramatically.
“I cross my fingers thinking this is too good to be true, but it looks like it’s going to be a long run,” said Howard Wallace, president of Los Angeles Grain Terminal. The grain export growth that began in 2009 could last another two years, he added.
With optimistic outlooks being reported by a range of sectors, the Administration’s goal of doubled exports by 2015 is looking more and more possible.