Laredo Morning Times- Mayor Pete Saenz participated as a panelist at the 2018 U.S. China Innovation and Investment Summit this week in Houston, where he was promoting the port of Laredo with the world leaders in international trade.
The Laredo Economic Development Corporation also attended. The U.S. China Innovation and Investment Summit provide a unique opportunity for U.S-based technology companies and stakeholders to connect with investors, strategic partners, leading incubators/accelerators and professional services firms from China.
Saenz said he is hopeful Laredo can grow its business and market with China, which is the United States’s largest trading partner, according to the World Bank.
“I am honored to attend the USCIS summit and represent Laredo with our country’s largest trading partner, China,” Saenz said. “China is a world leader in trade and Asia is quickly becoming an economic powerhouse. We are fortunate to have great trade numbers with China, but we want Laredo to remain number one in trade by growing and expanding our market to growing world economies.”
“Our community and stakeholders should be very happy to know that as the world continues to change with advancements in technology and innovation, Laredo has a permanent seat at the table.”
Laredo is ranked as the largest inland port in the United States and the second-largest port overall after Long Beach, California. Laredo also has two major Class 1 railroads, Union Pacific and Kansas City Southern, and to maximize efficiency, has dual U.S. and Mexico customs pre-clearance facilities at each of their commercial land bridges, rail bridge, and the Laredo International Airport.
China is Laredo’s second-largest trading partner after Mexico, totaling over $3.8 billion in trade annually with Laredo. Power supplies make up the majority, or 80.86 percent, of all exports, according to the U.S. Trade Numbers. Other popular Laredo exports to China include machine parts, insulated wire, and cable, motor vehicle parts, cell phones and technology and laser-based medical equipment.
Top imports from China to Laredo included cell phones computers, TVs, and computer monitors, power supplies and transformers, textiles and video games consoles, and gaming machines. The top five trading partners from imports for the Port of Laredo are Mexico, China, Malaysia, Thailand, and Nicaragua.