The Port of Los Angeles reported handling a staggering 855,652 Twenty-Foot Equivalent Units (TEUs) in January, marking the second-best January in its history. This figure, only surpassed by the cargo surge induced by the pandemic in 2022, reflects the sixth consecutive month of year-over-year increases, surpassing January 2023 by an impressive 18%.
At a recent media briefing, Port of Los Angeles Executive Director, Gene Seroka, attributed this strong start to two key factors. Firstly, cargo owners have been actively replenishing inventories and expeditiously moving goods ahead of the Lunar New Year holiday, anticipating a slowdown in production in Asia during this period. Secondly, the American economy continues to experience acceleration, driven by robust consumer spending and positive economic data. Seroka emphasized the momentum, noting that last season’s holiday sales grew by nearly 4%, complemented by strong job growth and favorable trends in key economic indicators.
Joining the media briefing, California Lieutenant Governor, Eleni Kounalakis, underscored the importance of infrastructure and sustainability investments in California’s ports and freight system. Kounalakis highlighted the historic investments in the state’s supply chain infrastructure, emphasizing their role in enhancing competitiveness and sustainability.
“California’s historic investments in our state’s supply chain infrastructure are designed to make our ports more competitive and sustainable,” remarked Lieutenant Governor Eleni Kounalakis. She emphasized the positive impact of updates in infrastructure, digitalization, and zero-emission projects at the Port of Los Angeles on the efficiency of goods movement, the decarbonization of the state’s freight sector, and the creation of high-quality jobs.
Breaking down the January 2024 figures, loaded imports reached 441,763 TEUs, registering a substantial 19% increase compared to the previous year. Loaded exports demonstrated a commendable rise as well, with 126,554 TEUs, marking a 23% year-over-year increase. The Port processed 287,336 empty containers, reflecting a solid 14% growth over the figures from 2023.
The Port of Los Angeles continues to provide comprehensive and transparent cargo data, including current and historical figures and fiscal year-end totals, available for public access.
The Port’s near-record January volume sets a promising tone for the year ahead, driven by strategic inventory management, consumer spending, and robust economic indicators. The collaborative efforts of stakeholders, coupled with investments in infrastructure and sustainability, position the Port of Los Angeles as a key player in shaping the future of global trade.
Source:Port of Los Angeles