The Port of Los Angeles had its second-best start to the year on record last month by the count of containers passing through the port, eclipsed only by the pandemic-induced cargo surge in 2022, the facility said today.
The port handled 855,652 twenty-foot equivalent units (TEUs) in January, marking the sixth consecutive month of year-over-year increases, and surpassing January 2023 by 18%.
“Two factors are driving our strong start,” Port of Los Angeles Executive Director Gene Seroka said in a release. “First, cargo owners have been replenishing inventories and moving goods at a fast clip ahead of the Lunar New Year holiday, which will slow production in Asia. Second, consumer spending and mostly strong economic data continue to accelerate the American economy.”
Additional support for the strong trade rate came from last season’s holiday sales growth of nearly 4% and from strong job growth and other key indicators trending in a positive direction, he said.
January 2024 loaded imports landed at 441,763 TEUs, up 19% compared to the previous year. Loaded exports came in at 126,554 TEUs, an increase of 23% compared to last year. And the port processed 287,336 empty containers, up 14% over 2023.
