The Port of Los Angeles has introduced an increase in cargo volumes for the month of September, following within the footsteps of its neighboring Port of Lengthy Seashore.
The Port of Los Angeles on Monday reported dealing with 748,440 Twenty-Foot Equal Items (TEUs) in September, representing a 5.4% enchancment in comparison with the identical interval in 2022. Notably, imports noticed a big improve of 14%, whereas exports skilled a outstanding leap of 55%.
This marks the second consecutive month of year-over-year progress for the Port of Los Angeles.
Govt Director Gene Seroka appeared pleased with the outcomes, stating, “September was one other good month, with imports up 14% and exports leaping 55%. Exports are trending up, and that’s excellent news for the U.S. financial system as narrowing the commerce hole has a optimistic impression. It’s price noting that export jobs usually provide larger wages in comparison with different sectors.”
Seroka additionally highlighted the optimistic impression of a long-term dockworker contract reached in June and has since been ratified, which has led to extra cargo being shifted again to the West Coast.
“The desk is ready to scale up as demand will increase,” Seroka mentioned.
Matthew Shay, President and CEO of the Nationwide Retail Federation, shared insights into retail tendencies for the upcoming vacation season throughout the Port of Los Angeles’ month-to-month media briefing.
“Retailers have been arduous at work getting vacation inventories in place to supply shoppers with nice merchandise, aggressive costs and comfort at each alternative,” Shay mentioned. “As we gear up for the vacation season, we anticipate reasonable progress to proceed as shoppers give attention to worth and family priorities.”
In September 2023, loaded imports on the Port of Los Angeles reached 392,608 TEUs for a 14% improve in comparison with the earlier 12 months. Loaded exports confirmed even stronger progress, reaching 120,635 TEUs, a outstanding 55% improve in comparison with 2022. The port famous that this marks the fourth consecutive month of year-over-year export good points.
However, empty containers totaled 235,197 TEUs, representing an 18.5% decline in comparison with the earlier 12 months. Total, September volumes on the Port of Los Angeles amounted to 748,440 TEUs, reflecting a 5.4% improve in comparison with the identical month final 12 months.
For the primary 9 months of 2023, the Port of Los Angeles processed a complete of 6,398,126 TEUs, displaying an 18.6% lower in comparison with the identical interval final 12 months.
In the meantime, the Port of Lengthy Seashore final week reported a record-breaking September, with 829,429 TEUs, marking an 11.8% improve in comparison with the identical interval final 12 months. Import volumes skilled vital progress, rising by 19.3% to succeed in 408,926 TEUs.
The good points come precisely one 12 months after the pandemic-fueled progress in U.S. import volumes lastly ran out of steam as retailers introduced in vacation merchandise early to beat rising inflation and provide chain disruptions that had been prevalent throughout the COVID-19 period.
In accordance with the NRF’s World Port Tracker, U.S. import cargo volumes have already peaked this 12 months, placing 2023 imports on observe to hit 22.1 million TEUs, a 13.5% decline in comparison with 2022.
