Port of Los Angeles (Port of LA) saw cargo volumes continue to decline as trade further slowed on the back of persisting global economic uncertainties.
Port of LA processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February's all-time record.
February volumes are also significantly lower than the 726,014 TEUs it recorded in January — which was also 16% lower year-on-year.
"February declines were exacerbated by an overall slowdown in global trade, extended Lunar New Year holiday closures in Asia, overstocked warehouses and a shift away from West Coast ports," said Gene Seroka, executive director of Port of Los Angeles.
"While we expect more cargo moving to cross our docks in March, the volume will likely remain lighter than average in the first half of 2023," he added.
Nonetheless, he added that the port is using the volume slowdown to build on infrastructure projects at North America's busiest port.
"We're using this volume lull to focus on new data and infrastructure initiatives to improve efficiency in preparation for increased throughput," Seroka said.
For February, loaded imports reached 249,407 TEUs, down 41% compared to the previous year.
Loaded exports came in at 82,404 TEUs, a decline of 14% compared to last year. Empty containers landed at 156,035 TEUs, a 54% year-over-year decline.
Two months into 2023, total container volume is at 1,213,860 TEUs compared to 1,723,360 TEUs in 2022, a 30% decline.
