The Port of Long Beach experienced a significant increase in cargo volumes in January, with a total of 674,015 Twenty-Foot Equivalent Units (TEUs) handled during the month. This marks an 18% increase compared to the same period last year, driven largely by retailers who were eager to stock up warehouses in anticipation of the Lunar New Year holiday.
According to a press release issued by the Port of Long Beach on February 14, the surge in cargo volumes is attributed to retailers filling up their inventories ahead of the customary slow down in import activity associated with the Lunar New Year celebrations. The holiday period often sees factory shutdowns, prompting shippers to advance their schedules for restocking inventories and transporting goods.
Mario Cordero, CEO of the Port of Long Beach, expressed optimism about the port’s capacity to handle increasing volumes. “We are ready to grow our volumes and hope to see continued growth through 2024 as we gradually recapture market share,” Cordero stated.
The breakdown of January’s cargo volumes reveals a nearly 24% rise in imports, totaling 325,339 TEUs, while exports saw a decrease of 18%, amounting to 86,525 TEUs. Furthermore, January’s performance represents the fifth consecutive month of year-over-year increases following a period of 13 months of declines, indicating a positive trend in cargo movement through the port.
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