In a rebound from the start of the year, both container ports here seem poised to have strong numbers to close out 2023.
Leading the way, the Port of Long Beach handled a total of 755,150 TEUs – shortform for 20-foot equivalent units, the standard measurement of cargo containers – in October.
Meanwhile, in what Executive Director Gene Seroka called a “solid start to the fourth quarter,” the Port of Los Angeles handled 724,775 TEUs. Each report represented year-over-year improvements for October.
“Both imports and exports have shown growth over the past year,” Seroka added during his monthly media briefing, “and I expect to see the trend continue in the months ahead.”
Additionally, Seroka said, in the August-September-October window, the market share of Asian imports for both parts measured at 46%, a bump from 42% in the same period last year.
“Cargo is rebounding and we are continuing to collaborate with our industry partners to recapture market share and invest in infrastructure that will position us for future growth,” Port of Long Beach Chief Executive Mario Cordero said in a statement. “We are anticipating moderate growth through the rest of the year as retailers continue to stock shelves for the winter holidays.”
The Port of Long Beach had 363,300 import TEUs in October, an increase of 24% from last year. It also exported 90,073 TEUs of cargo (a decrease of 25%) and sent 301,777 empties out (a 23% increase). Overall, its volume was up 15%, and it was the third time this year the port handled more than 700,000 TEUs. On the year, the port has moved nearly 6.58 TEUs, a decrease of 18% from a year ago – when cargo imports reached all-time highs as the pandemic waned – but comparable to the prepandemic figures in 2019.
The Port of L.A. improved its imports by 11% to 372,455 TEUs, while increasing its exports 35% to 121,277 TEUs and lowering its empty shipments 8% to 232,043 TEUs. Its total volume was a 7% increase, and at 7.12 million TEUs, the port is down 17% on the year so far – but again, on track with its prepandemic figures.
Seroka pointed to the “robust state” of the nation’s economy for the rising imports, highlighting that the consumer price index fell to an annualized rate of 3.2% in October – its lowest in more than two years – and the gross domestic product increased to an annualized growth rate of 4.9%. He also noted that, in L.A., exports have increased for the fifth straight month and its import-export ratio was a healthy 3.1-to-1.
“After years of very low export trade, it is encouraging to see the trend begin to reverse,” Seroka said.
Still, the ports expect their import numbers to climb again when November’s numbers are compiled, in light of the so-called “peak season” ahead of the winter holidays. Seroka said the Port of L.A. was tracking for more than 800,000 TEUs handled for the month.
“As we wrap up 2023, all of our operational vital signs – including cargo velocity, vessel arrivals and dwell times for both rail and trucks – remain in really good shape,” he added.
