VA - Virginia loaded exports begin slight rebound with trade agreement
The Port of Virginia’s loaded export cargo volumes grew nearly 2 percent as agricultural products are beginning to flow again to China as a result of the lifting of the trade tariffs in mid-January.
“The agreement the federal government and China came to in mid-January will go a long way to restoring export volumes of agricultural products moving across The Port of Virginia,” said John F. Reinhart, the CEO and executive director of the Virginia Port Authority. “We anticipate seeing a rebound in those cargos in February, March and beyond, but the concerns related to the Coronavirus are creating some new uncertainty in the industry. ”
January’s cargo volumes were down more than 5 percent – 12,877 TEUs – when compared with January 2019. Loaded exports were up nearly 1,400 TEUs, or 1.8 percent, and the volume at Richmond Marine Terminal grew by nearly 250 units, or 7.3 percent.
Empty containers for export fell more than 27 percent – 13,882 TEUs (twenty-foot equivalent units) – as a result of the uncertainty being created by the Coronavirus, an increase in blank sailings, an extension of the Chinese Lunar New Year closures and quarantines in China.