SAN PEDRO — The Port of Los Angeles handled 855,652 Twenty-Foot Equivalent Units (TEUs) in January, the second-best start to the year on record. Eclipsed only by the pandemic-induced cargo surge in 2022, it was the sixth consecutive month of year-over-year increases and surpassed January 2023 by 18%.
“Two factors are driving our strong start,” Port of Los Angeles Executive Director Gene Seroka said at today’s media briefing. “First, cargo owners have been replenishing inventories and moving goods at a fast clip ahead of the Lunar New Year holiday, which will slow production in Asia.
“Second, consumer spending and mostly strong economic data continue to accelerate the American economy.” Seroka said last season’s holiday sales grew nearly 4%, with strong job growth and other key indicators trending in a positive direction.”
Seroka was joined at the Port’s media briefing by California Lieutenant Governor Eleni Kounalakis, who spotlighted the need for infrastructure and sustainability investments in California’s ports and freight system.
January 2024 loaded imports landed at 441,763 TEUs, up 19% compared to the previous year. Loaded exports came in at 126,554 TEUs, an increase of 23% compared to last year. The Port processed 287,336 empty containers, up 14% over 2023.
January Volume and Trade moving through the Port of Long Beach rose in January as retailers stocked up ahead of Lunar New Year, when east Asian factories typically close for up to two weeks.
Dockworkers and terminal operators moved 674,015 twenty-foot equivalent units (TEUs) last month, up 17.5% from January 2023. Imports increased 23.5% to 325,339 TEUs and exports were down 18.1% to 86,525 TEUs. Empty containers moved through the Port increased 28% to 262,151 TEUs.
“Retailers stocked their warehouses in January ahead of the slower import activity we typically see during Lunar New Year celebrations,” said Port of Long Beach CEO Mario Cordero. “We are ready to grow our volumes and hope to see continued growth through 2024 as we gradually recapture market share.”
“The waterfront workforce and terminal operators are energizing the economy by keeping the goods moving at the Port of Long Beach,” said Long Beach Harbor Commission President Bobby Olvera Jr. “We’re staying the course by attracting business, operating sustainably and developing projects that will ensure our long-term growth.”
The strong start to 2024 marks the fifth consecutive monthly year-over-year increase following 13 months of declines in cargo movement at the port.
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