Container volume at the Port of Los Angeles falls by 43%
Last month, cargo movement at the Port of Los Angeles and its neighboring Port of Long Beach decreased significantly due to an overall slowdown in global trade, extended Lunar New Year holiday closures in Asia, overstocked warehouses, and a shift away from West Coast ports. According to Port of Los Angeles Executive Director Gene Seroka, the decline was exacerbated by a drop in overall volume. To work on sustainability and environmentalism, the port has signed separate Memorandums of Understanding (MoUs) with the Port of Tokyo and the Port of Yokohama. Total container volume in 2023 will be 1.2 million TEU, a third less than in 2022 (1.7 million TEU).
Source of information – Port technology
The drop in container volume at these ports is significant, but not unexpected given the global trade slowdown and overcrowded warehouses
The slowdown in cargo movement at the these ports serves as a reminder of the shipping industry’s volatility