Port of LA Starts 2024 With Near Record Volume

Port of LA Starts 2024 With Near Record Volume

Feb. 19, 2024
Reasons for strong volume are inventory replenishment and strong consumer spending.
On February 15, the Port of Los Angeles announced that it had  handled 855,652 TEUs in January, the second-best start to the year on record.
This number was 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 in a statement. “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.”
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.
“California’s historic investments in our state’s supply chain infrastructure are designed to make our ports more competitive and sustainable,” said Lieutenant Governor Eleni Kounalakis, in a statement. “With updates in infrastructure, digitalization, and zero-emission projects at the Port of Los Angeles, California’s supply chains are moving goods efficiently, accelerating the decarbonization of the state freight sector, all while creating high-quality jobs.” 

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