Port of Long Beach container volume up 17.5% to 674,015 TEUs in Jan 2024
Trade activity at the Port of Long Beach experienced a notable increase in January, driven by retailers ramping up their inventory levels in anticipation of the upcoming Lunar New Year. With factories in East Asia typically closing for up to two weeks during the celebrations, retailers took proactive measures to ensure their warehouses were adequately stocked, according to the company's release.
According to reports from dockworkers and terminal operators, a total of 674,015 twenty-foot equivalent units (TEUs) were moved through the port last month, marking a substantial 17.5% increase compared to January 2023. Import volumes surged by 23.5% to reach 325,339 TEUs, while exports experienced a modest decline of 18.1% to 86,525 TEUs. The movement of empty containers also saw a significant uptick, rising by 28% to 262,151 TEUs.
The robust performance in January marks the fifth consecutive month of year-over-year increases in cargo movement at the Port of Long Beach, signaling a positive trend following 13 months of declines in trade activity.
The Port of Long Beach serves as a premier gateway for trans-Pacific trade, handling cargo valued at $200 billion annually. The port supports 2.6 million jobs across the United States, including 575,000 in Southern California. Recognized as "The Best West Coast Seaport in North America" for the fifth consecutive year in 2023, the Port of Long Beach has earmarked $2.2 billion for capital improvements over the next decade to enhance capacity, competitiveness, and sustainability.
