What do you think? Leave a respectful comment.

The video for this story is not available, but you can still read the transcript below.
No image

Global Trade Freezes Amid Economic Downturn

Economics correspondent Paul Solman returns to the trade hub of Long Beach, Calif., to check on how the import and export business has been impacted by the global economic crisis.

Read the Full Transcript

  • PAUL SOLMAN:

    Executive Director Richard Steinke's been here watching global trade for 20 years.

  • RICHARD STEINKE:

    And when I talk about decreases, we're not just talking about containerized cargo. We're talking about dry bulk, and liquid bulk, and automobiles.

  • PAUL SOLMAN:

    The drop in imports is a shock. In Southern California, where "public transportation" can mean the carpool lane, Long Beach is now home to fields of unsold Mercedes, tracts of Toyota.

  • RICHARD STEINKE:

    They've occupied about 15 or 20 additional acres.

  • PAUL SOLMAN:

    Fifteen to 20 acres leased to Toyota alone?

  • RICHARD STEINKE:

    In addition to the 150 acres that they lease from the port right now, covered with cars, not moving from the port to dealerships here in Southern California.

The Latest