Trade moving through the Port of Long Beach rose in January as retailers stocked up ahead of the Lunar New Year when East Asian factories typically close for up to two weeks.
Dockworkers and terminal operators moved 674,015 twenty-foot equivalent units (TEUs) in January 2024, up 17.5% from January 2023. Imports increased 23.5% to 325,339 TEUs and exports were down 18.1% to 86,525 TEUs. Empty containers moved through the Port increased 28% to 262,151 TEUs.
Additional warehouse stocking
“Retailers stocked their warehouses in January ahead of the slower import activity we typically see during Lunar New Year celebrations,” said Port of Long Beach CEO Mario Cordero. “We are ready to grow our volumes and hope to see continued growth through 2024 as we gradually recapture market share.”
“The waterfront workforce and terminal operators are energising the economy by keeping the goods moving at the Port of Long Beach,” said Long Beach Harbor Commission President Bobby Olvera Jr.
Cargo movement
“We’re staying the course by attracting business, operating sustainably, and developing projects that will ensure our long-term growth.”
The strong start to 2024 marks the fifth consecutive monthly year-over-year increase following 13 months of declines in cargo movement at the Port.