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Monday, January 18, 2016

Ports Feeling Pinch of Economic Woes in China and Strong Dollar

Exports to China via Savannah are down a third from year-ago, illustrating the impact an economic slowdown for the nation has on global trade. Pro Farmers First Thing Today reports that strength in the dollar has also curbed U.S. exports. Some expect 2016 to be Savannah's worst trade year since the Great Recession. Exports of cotton and peanuts have been especially hard-hit, with exports of both commodities down 16 percent in 2015. And the slowdown in China impacts other nations as well. "There's weak demand in pretty much every market around the world right now," Georgia Ports Chief Curtis Foltz said. "Combine that with the rising price of our goods and that translates into few exports."