The Port of Los Angeles (Port of LA) recorded a softer first quarter as economic conditions continued to slow global trade and impact shipping volumes at one of North America's busiest ports.
Port of LA processed 623,234 Twenty-Foot Equivalent Units (TEUs) in March.
In the announcement, the port said for the first three months of 2023, it handled 1,837,094 TEUs, down 32% compared to 2022, which was the best Q1 in the port's history.
"Economic conditions slowed global trade considerably in the first quarter; however, we are beginning to see some signs of improvement, including nine consecutive months of inflation declines," said Gene Seroka, executive director at Port of Los Angeles.
"While March cargo volume was lower than last year at this time, early data and monthly growth indicate a moderate increase in Q3," he added.
The decline in March cargo volumes follows a 43% year-on-year decline in freight for February at 487,846 TEUs.
Meanwhile, in March 2023 loaded imports reached 319,962 TEUs, down 35% compared to the previous year.
Loaded exports came in at 98,276 TEUs, a decline of 12% compared to last year and empty containers landed at 204,996 TEUs, a 42% year-over-year decline.
Seroka made the announcement at a media briefing, where he was joined by Peter Voorhoeve, president of Volvo Trucks North America.
Voorhoeve outlined the work being done by Volvo and the Port of Los Angeles to bring zero-emission, heavy-duty trucks to market.
Volvo, along with other original equipment manufacturers, are collaborating with the Port with the goal of transitioning the Port’s drayage fleet to zero emissions by 2035.
