The Port of Los Angeles continues to see constructive development because it experiences a rise in cargo quantity for the third consecutive month as West Coast ports work to regain market share.
The port October processed a complete of 725,775 Twenty-Foot Equal Items (TEUs) in October, marking a 7% enchancment in comparison with the identical month final yr.
Loaded imports in October 2023 reached 372,455 TEUs, exhibiting a major improve of 11% in comparison with the earlier yr. Loaded exports surged 35% over 2022, coming in at 121,277 TEUs for the month. Empty containers skilled a slight decline, totaling 232,043 TEUs, down by 8% in comparison with final yr.
Subsequent door the Port of Lengthy Seashore reported even higher development in October, with cargo volumes up by 15% from the earlier yr.
“Our terminal operators, labor, and different stakeholders have labored onerous to earn cargo market share again over the past three months,” stated Gene Seroka, the Government Director of the Port of Los Angeles. Seroka additional anticipates a robust month of November, because the port expects a closing vacation push and warehouse replenishment.
Regardless of these efforts, mixed with Panama Canal restrictions and an improved labor scenario, West Coast ports have continued to lose market their share of imports to East and Gulf Coast ports, based on information from the Descartes Methods Group. Their November International Transport Report confirmed the highest 5 East and Gulf Coast ports accounted for 45.1% of the overall U.S. import container volumes in October, marking a 3.0% improve over September, whereas the highest 5 West Coast ports noticed their market share lower to 39.6%, down by 3.7%. General, complete U.S. container imports had been up about 5% in October in comparison with the earlier month and 4% year-over-year.
Trying on the total efficiency for the yr, the Port of Los Angeles has processed a complete of seven,123,900 TEUs within the first ten months of 2023. Though this displays a 16.6% lower in comparison with the identical interval final yr, the constant months of development point out a constructive pattern main as much as the tip of the yr.
Seroka additionally introduced the return of Zim Built-in Transport Companies, which can be relaunching an categorical service from South China on to Los Angeles.
“We’re happy to welcome again Zim and its eCommerce Specific service again to the Port of Los Angeles,” Seroka stated. “That is the quickest, most effective route for commerce with Asia.”
