Point Global News of the Week — 12.16.22

Expansion Plan Announced for Port of New Orleans

U.S. port capacity is going to get significantly bigger in Louisiana.

Gov. John Bel Edwards, the Port of New Orleans and two global maritime companies on Dec. 13 announced the formation of a public-private partnership to build a new $1.8 billion container facility on the lower Mississippi River.

Officials said the Louisiana International Terminal in St. Bernard Parish will serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity and creating more than 17,000 jobs by 2050, Port NOLA estimates.

Global Trade Surges to $32 Trillion Record in 2022, U.N. Says

The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a U.N. report that signaled a slowdown heading into 2023.

“The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the United Nations Conference on Trade and Development said in the report released Dec. 13.

Trade in merchandise goods soared to $25 trillion, an increase of about 10% versus the prior year. Trade in services grew 15% year-over-year to nearly $7 trillion, according to the report.

GSA to Spend $3.4 Billion to Update 26 Land Ports of Entry

Replacing pavement at Otay Mesa land port of entry in California is the latest of 50 modernization projects the General Services Administration has embarked on using $3.4 billion in federal infrastructure funds.

GSA selected 26 from 122 land ports of entry under its custody and control as most needing updates due to aging buildings, with many built in the 1930s.

Federal funds are being spent on major modernizations of the 26 sites as well as 21 projects to replace pavement along the borders and three lease purchases at the Mexico border.