Imports up, exports down as result of Asian crisis.

The ports of Los Angeles and Long Beach have developed the first symptoms of the Asian flu.

Recent statistics from the two ports - the nation's largest gateway to the Far East - show that U.S. exports overseas have taken a dive, while imports from Asia are continuing to surge.

For the month of December, imports through the Port of L.A. were up 12.8 percent over the like period a year earlier, while exports dropped 11.1 percent. In neighboring Long Beach, the volume of inbound cargo rose 9.6 percent while outbound traffic decreased by 9.3 percent.

Even more dramatic was the number of empty containers making the return trip to Asia: A total of 128,411 in December 1997 vs. 82,112 a year earlier, an increase of 52 percent.

"It's a sign of the times," said Al Fierstine, director of business development for the Port of L.A. "Until Asia perks up, exports will be down."

The growing trade imbalance, which could have important economic consequences this year, is not yet a huge problem for the ports, which make money regardless of the direction in which cargo flows. But it is a potential nightmare for shipping lines, because empty containers take up precious space on containerships but generate no revenues.

The December numbers come as no surprise to local traders, who have been expecting such a shift ever since the Asian currencies began to tumble several months ago.

"The unstable currency situation is having a profound effect," said W. Guy Fox, president of Global Transportation Services Inc., a Redondo Beach freight forwarder.

Fox said he has a warehouse with 75, 40-foot containerloads of chemicals originally bound for Korea. The order was canceled because the Korean importer had no money to pay for the shipment. Now, the customer is scrambling to find a local buyer.

Fox said he expects more of the same in the months ahead.

A similar scenario is unfolding at the ports, where warehouses are filling up with commodities ranging from cotton to scrap metal stuck in Southern California due to a severe drop in demand in Asia, said Fierstine.

That situation is leading to some interesting market shifts.

New Zealand meat exporters, for example, who in the past have sent most of their beef and lamb to Asia, are now directing their goods to the U.S. market. The Port of L.A.'s marketing office in Wellington, New Zealand, meanwhile, recently helped find a shipping line and an importer to bring milk products from that country into the U.S.

"It's a new product coming into the area," said Fierstine.

The Port of L.A. also recently became the sole West Coast entry point for winter fruit from Chile, after port executives reached an agreement with a consortium of Chilean exporters. A portion of the fruit used to enter the country through the Port of San Diego.