MACRO ANALYSIS
- The International Longshoremen's Association (ILA) union represents around 85k workers. The number of workers subject to the strike is somewhat in dispute: by most reports, around 45k are involved. The United States Maritime Alliance (USMX), which represents the major shipping lines and port authorities, says that the contract covers 25k port workers, noting that not all of the employees work every day.
- Either way, the East and Gulf Coast ports in question account for around 40% of US port goods imports by value (the West coast is the other 60%). In volume (TEU) terms, the East/Gulf Coast represents a little over half of US container imports (with the West cost just under 50%) on a 12-month basis. On an export basis, over two-thirds of containerized exports go through the East/Gulf coast ports.
- The total value of trade through those ports is $2.1B daily, per the National Association of Manufacturers - over $700B on an annualized basis, or 15% of the $5T of goods imports+exports in 2023, or roughly 2.8% of 2023 GDP.
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