The Port of Los Angeles set a new record for cargo volume in August 2023, handling 955,907 twenty-foot equivalent units (TEUs). This cargo volume brought the total throughput for the port in June, July, and August to over 2.9 million TEUs, making this quarter the busiest in the port's history.
Cargo Volume and Comparison with Previous Years
The cargo volume in August 2023 remained relatively stable compared to last year, and is 6% higher than the five-year average for this month. Additionally, imports for this month reached 500,302 TEUs, which is nearly the same as last year and 7% above the five-year average for this month. However, exports in this month decreased by 9% compared to last year, totaling 115,561 TEUs.
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Future Predictions and Market
In the first eight months of 2023, the Port of Los Angeles handled over 7 million TEUs, which is a 1.5% increase compared to last year and 5% higher than the five-year average. Expectations are that September will be the busiest month of the year for cargo handling at major U.S. ports. Forecasts indicate that import volume in September will reach 2.31 million TEUs, which is 9.6% higher than last year.
Port of Los Angeles Executive Director Gene Seroka noted that consumer demand remains strong, stating: "We have had a very strong summer in Los Angeles. Sustained consumer demand, early holiday shipments, and cargo diversity have all contributed to this strength." He also pointed to the high trend of Pacific Ocean freight rates, which favor West Coast routes over East Coast ones.
Despite economic pressures, retailers remain optimistic and expect warehouse inventories to increase as the holiday season approaches. For now, recent statistics from Los Angeles and the Port of Long Beach indicate a strong end to summer compared to previous expectations.
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