Cargo volumes at the Port of Los Angeles rose 5.4% last month compared to September 2022, marking two straight months of year-over-year increases, according to new data released by the port Oct. 23.
The POLA processed 748,440 TEUs last month, with imports up 14% at 392,608 TEUs and loaded exports soaring 55% to 120,635 TEUs compared to the same month last year. The port has seen fourth consecutive months of positive month of year-over-year volumes in exports. Meanwhile, empties fell 18.5% to 235,197 TEUs year over year.
So far, the port is moving 18.6% less cargo volume this year than it did the first nine months of 2022 with nearly 6.4 million TEUs.
September was another good month for import and export business at the port, POLA Executive Director Gene Seroka said.
“Exports are trending up, and that’s good news because narrowing the trade gap boosts the U.S. economy,” he commented. “Additionally, export jobs on average pay more than work in other segments.”
Now that a long-term contract is in place for dockworkers, the port is seeing more cargo shift back to Los Angeles, Seroka said.
“The table is set to scale up as demand increases,” he remarked.
National Retail Federation President and CEO Matthew Shay, who was with Seroka on an Oct. 23 media call, said that he expects some increased demand this holiday season.
“Retailers have been hard at work getting holiday inventories in place to provide consumers with great products, competitive prices and convenience at every opportunity,” Shay said. “As we gear up for the holiday season, we expect moderate growth to continue as consumers focus on value and household priorities.”