This segment originally aired on October 10, 2023.
Major importers and shipping companies are anticipating a leaner year as cargo rates to and from China have seen major declines in 2023. Port of Los Angeles Executive Director Gene Seroka explains the boost in shipments to West Coast ports as businesses diversify their trade with countries outside of just China. “We’re starting to see importers ship cargo to the West Coast that normally would go to Panama because of the drought,” Seroka tells Yahoo Finance. “Second, with the dock workers’ contract that was just ratified in August, that was a pretty quick switch of cargo back to the West Coast, and coinciding with a smaller, although muted peak season of holiday goods moving through.” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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