Port of Los Angeles Reports Lower Volumes; Port Volumes Expected to Shift in Coming Months; Gene Seroka Comments
LOS ANGELES, CA - Stay ready so you don’t have to get ready. That seems to be the Port of Los Angeles’ mindset as it remains prepared for potential future cargo swells. This comes after the port reported that it processed 688,110 Twenty-Foot Equivalent Units (TEUs) in April, down 22 percent from the same period last year, which was one of the busiest recorded.
“A cooling global economy, warehouses laden with aging inventory, and prolonged West Coast labor negotiations have all contributed to a slowdown in trade,” said Port of Los Angeles Executive Director Gene Seroka. “If economic conditions improve and we get a labor deal in place, that will help improve volume the second half of the year. We are prepared for the next cargo surge, whenever it comes.”
April 2023 loaded imports reached 343,689 TEUs, down 25 percent compared to April 2022, according to reporting from Hellenic Shipping News Worldwide. Loaded exports were 88,202 TEUs, a decline of 12 percent compared to last year, and empty containers came in at 256,220 TEUs, a 23 percent year-over-year decline.
In March 2023, the Port of Los Angeles increased 28 percent over February 2023, and April 2023 cargo was 10 percent higher than in March. Throughout the first four months of this year, the Port handled 2,525,204 TEUs, which is a 29 percent decline compared to the same period in 2022.
To find out what the rest of the year holds for the Port of Los Angeles and other shipping hubs, stick with AndNowUKnow.