Press Release Article
PORT OF NEW YORK AND NEW JERSEY SHOWS STEADY GROWTH IN FIRST HALF OF 2004
Date: Sep 22, 2004
Press Release Number: 114-2004
Asian and Latin American Trade Up; Rail Traffic Also on the Rise
Cargo at the Port of New York and New Jersey showed steady growth in the first six months of 2004 with more than 1.5 million loaded shipping containers handled, up 10 percent over the same period in 2003.
Asia continues to drive the increase in containerized cargo. Approximately 630,000 twenty-foot equivalent units (TEUs) to and from Asia were handled in the port during the first half of 2004, accounting for 42 percent of the port’s total market. Last year, Asia surpassed Europe as the port’s leading trading partner. In the month of June alone, containerized imports from the Far East were up 32 percent.
Approximately 195,000 TEUs to and from Latin America were handled in the port during the first half of this year, up 19 percent from the first half of 2003.
The strong increases in containerized cargo spurred the port’s intermodal rail traffic, which increased 27 percent over the same period in 2003 to 138,227 containers.
New York Governor George E. Pataki said, “Our marine terminals create more than $2 billion annually in state and local revenue. This economic engine ensures that jobs, goods and other opportunities continue to accrue to the region. With sound investments and cooperation with our maritime partners, we’ll continue this trend of creating more jobs and economic activity.”
New Jersey Governor James E. McGreevey said, “Steady growth at the Port of New York and New Jersey shows that the region continues to rebound economically. Our port is a gateway for the region and the nation, providing access for millions of tons of goods from all over the world. We plan to invest $1 billion over the next five years, and we will continue to encourage growth by investing the resources and building the infrastructure necessary to make it the premier port in the nation.”
Port Authority Chairman Anthony R. Coscia said, “The dramatic increase in intermodal cargo in the first six months of this year underscores the need to continue expanding ExpressRail. Last month, our Board committed an additional $5 million to plan and design the next phases of the system, which will create ship-to-rail facilities at each of our marine terminals, making us more efficient while reducing congestion on roads and highways.”
Port Authority Executive Director Joseph J. Seymour said, “In the first half of 2004, our port handled approximately $55 billion in cargo. Manufacturers in Asia and Latin America now recognize the benefits of shipping their products through our port, giving them direct access to the largest consumer market in the nation. We’re building on our achievements and offering greater service to trading partners worldwide.”
Port Authority Port Commerce Director Richard M. Larrabee said, “The second half of 2004 will witness two major events that set the stage for continued cargo growth. The first stage of the expansion of our ExpressRail facility in Elizabeth is scheduled to become operational and our 45-foot deepening project is on target for completion.”
Overall, total imports through June 2004 totaled more than $43 billion – a 12 percent increase – and exports increased 5.5 percent to a total of $11.5 billion. Containerized imports increased 8.4 percent, reaching 1,041,951 loaded TEUs compared to the same period in 2003, and exports rose 15 percent to 460,086 loaded TEUs.
Leading the growth of containerized imports was furniture with 83,000 TEUs, up 27 percent; women’s and infant wear with 25,000 TEUs, up 20 percent; beer and ale with 20,000 TEUs, up 15 percent; and paper products with 19,000 TEUs, up 11 percent. The top categories for exports were paper and paperboard with 94,000 TEUs, up 34 percent; metal scrap with 13,700 TEUs, up 46 percent; and logs and lumber with 10,800 TEUs, up 59 percent.
Large increases also were reported in motor vehicles handled in the port. Total vehicle trade rose 38.6 percent to 382,547 vehicles.
Total cargo including bulk products exceeded 40.5 million metric tons for the first half of this year, a 3 percent increase over the same period in 2003.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit rail system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.