Extended Lunar New Year Closures, Well-Stocked Retailers and Economic Concerns Point to Soft First Quarter

SAN PEDRO, Calif. – Feb. 16, 2023 – The Port of Los Angeles processed 726,014 Twenty-Foot Equivalent Units (TEUs) in January, a 16% decrease from the previous January’s all-time record.
“We expect softer global trade throughout the first quarter, particularly compared to last year’s record-breaking start,” Port of Los Angeles Executive Director Gene Seroka told journalists during a media briefing. “Many factories in Asia have had extended Lunar New Year closures, retailers continue to discount products to clear warehouses and inflation-led economic concerns remain top of mind for Americans. With capacity on our docks today, we’re ready to unlock new levels of value and service at the Port of Los Angeles.”
Seroka was joined at the briefing by John Padgett, President of Princess Cruises. Padgett discussed plans for Princess to expand operations in Los Angeles after a strong 2022. The Port of Los Angeles had 229 cruise calls last year and expects cruise demand to continue to increase.
January 2023 loaded imports reached 372,040 TEUs, down 13% compared to the previous year. Loaded exports came in at 102,723 TEUs, an increase of 2.5% compared to last year. Empty containers landed at 251,251 TEUs, a 26% year-over-year decline.
Current and historical cargo data, including fiscal year-end totals, are available here.