PORT OF LOS ANGELES MOVES 487,846 CONTAINER UNITS IN FEBRUARY AS GLOBAL TRADE SLOWS
Extended Lunar New Year Closures, Well-Stocked Retailers and Economic Concerns Point to Soft First Quarter
SAN PEDRO, Calif. – March 17, 2022 – The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record.
“February declines were exacerbated by an overall slowdown in global trade, extended Lunar New Year holiday closures in Asia, overstocked warehouses and a shift away from West Coast ports,” said Port of Los Angeles Executive Director Gene Seroka. “While we expect more cargo moving crossing our docks in March, volume will likely remain lighter than average in the first half of 2023.
“We’re using this volume lull to focus on new data and infrastructure initiatives to improve efficiency in preparation for increased throughput,” Seroka added.
February 2023 loaded imports reached 249,407 TEUs, down 41% compared to the previous year. Loaded exports came in at 82,404 TEUs, a decline of 14% compared to last year. Empty containers landed at 156,035 TEUs, a 54% year-over-year decline.
Two months into 2023, total container volume is at 1,213,860 TEUs compared to 1,723,360 TEUs in 2022, a 30% decline.
Current and historical cargo data, including fiscal year-end totals, are available here.