by Calculated Risk on 6/14/2011 07:46:00 PM

The first graph shows the rolling 12 month average of loaded inbound and outbound traffic at the ports of Los Angeles and Long Beach in TEUs (TEUs: 20-foot equivalent units or 20-foot-long cargo container).

Although containers tell us nothing about value, container traffic does give us an idea of the volume of goods being exported and imported - and possible hints about the trade report for May. LA area ports handle about 40% of the nation's container port traffic.

To remove the strong seasonal component for inbound traffic, this graph shows the rolling 12 month average.

Click on graph for larger image in graph gallery.

On a rolling 12 month basis, inbound traffic is up 0.4% from April, and outbound traffic also up 0.4%.

The 2nd graph is the monthly data (with strong seasonal pattern).

For the month of May, loaded inbound traffic was up 5% compared to May 2010, and loaded outbound traffic was also up 5% compared to May 2010.

Exports are near the pre-recession peak in 2008, although imports in May were still below the levels of May 2006 and May 2007.

This suggests the trade deficit with China (and other Asians countries) probably increased seasonally in May.