Europe not a big deal in L.A.'s import-export world

portoflongbeach.jpgChina is, by far, the biggest trading partner for the L.A. area, followed by Japan and South Korea. The first European Union country to even show up on the list is Germany, at Number 11. Spain is 36th in export traffic, and Greece is such a tiny player that it's lumped in the category "All Others." However, as I mentioned on this week's Business Update on KPCC, there's a big "but":

Lacter: Some of the big U.S. banks have strong connections with Europe, and if there is some sort of EU disaster, the contagion might spread. Here's another kind of indirect consequence: California's economy has been helped along during the recovery by increased exports to China, Russia, India, and Brazil - and it just so happens that those countries rely on European banks to finance many of their businesses. If that money is not available, it could present a problem. Just remember how growth slowed last year after the terrible Japanese earthquake - and that was a fairly contained event. A financial collapse won't be nearly as contained.

Also a look at the conflicting reports on whether the state's film tax credit program has been a net plus or minus for California's economy. Available at kppc.org and on podcast (Business Update with Mark Lacter)


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Business Update on KPCC stories:
Naysaying emerges in wake of LAX shootings*
Holiday shopping: On your marks, get set... spend!
What to do with all that bad chicken?
Why it's hard to gauge progress of health care programs
Why L.A. isn't being hit too hard by shutdown - for now

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook