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Business & Tech

Long Beach-L.A. Ports Anchor County's Trade Hike

Regional Economic Development Corp. forecasts an 11% trade increase in L.A. County, 4% - 5% increase in trade throughout the U.S., both linked to the shipping basin, the country's largest.

Los Angeles County continued to be a major center of international trade in 2011, handling $386 billion worth of two-way commerce, an 11.5 percent increase over the previous year, according to a report released Wednesday.

The report by the Los Angeles Economic Development Corp. also predicted that international trade throughout the United States would grow by 4 to 5 percent this year and next year. ``Los Angeles County remains a globally competitive trade destination and has shown growth in several key areas over the past year,'' said Robert Kleinhenz, chief economist with LAEDC's Kyser Center for Economic Research.

``The Ports of Los Angeles and Long Beach stand out as the largest container shipping port complex in the United States, accounting for a total of 14.0 million 20-foot equivalent units (TEUs) annually.''

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Kleinhenz said U.S. imports will likely grow by about 4 percent this year, with exports growing from 4 percent this year to 7 percent in 2013. The increases will come in response to an improving global economy and U.S. efforts to reduce trade barriers and expand trade, Kleinhenz said.

LAEDC economist Ferdinando Guerra noted that Los Angeles is Korea's largest trading partner -- a major asset for the Southland given Korea's rank as seventh in the world for total exports.

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``As the leading gateway to the Pacific Rim, Los Angeles County has emerged as the center of Korean-American economic, business, educational and cultural exchanges,'' Guerra said. ``In terms of two-way trade value, this gateway relationship ... translates into $27.7 billion, placing Korea as Los Angeles County's third largest trading partner. Transversely, our Los Angeles Customs District represents the largest national port destination for Korean trade, while Korea has become one of the largest sources of foreign direct investment in the county.''

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