The Port of Los Angeles, which experienced a slight recovery in June with volumes down by only 5% year-on-year compared to a significant 43% drop in February, has encountered a reversal in the latter half of the year.
In July 2023, the Port of LA reported handling 684,290 TEU, marking a considerable decrease of 26.85% compared to the same month in 2022.
This decline follows a drop from June 2023 when the port managed 833,045 TEU, marking the lowest monthly figure since March of that year.
Gene Seroka, Executive Director of the Port of Los Angeles, attributed the downturn to a global trade slowdown amid elevated warehouse inventories among retailers and manufacturers.
Despite this, Seroka noted that American consumers continue to spend, potentially leading to increased availability of discounted items as the year progresses into the fall fashion and holiday seasons.
In July 2023, loaded imports at the Port of LA amounted to 364,208 TEU, reflecting a 25% decrease compared to the previous year.
Conversely, loaded exports reached 110,372 TEU, showing a modest increase of 6% compared to the same period last year.
For the first seven months of 2023, the Port of LA handled a total of 4.82 million TEU, marking a 24% decline year-on-year.
