Port of Los Angeles and Port of Long Beach report strong February volumes

Following a strong start to 2024 in January, Port of Los Angeles (POLA) and Port of Long Beach (POLB) volumes experienced another strong month in February, according to data recently respectively issued by each port.

Total POLA volume, at 781,434 TEU (Twenty-Foot Equivalent Units), saw a 60% annual gain, marking the seventh consecutive month of annual growth.

POLA imports, at 408,764 TEU, increased 64% annually (and up 20% when compared to the five-year average), with exports, at 132,755 TEU, up 61% compared to February 2023 and up for the ninth consecutive month, as well as its best export month since 2020, and paced by agriculture products, recycled goods, and plastics. Empty containers, at 239,916 TEU, were up 54% annually. Through the first two months of 2024, POLA said total volume is up 35% annually, at 1,637,086 TEU.

POLA Executive Director Gene Seroka said on a media conference call yesterday that while questions remain about the direction of inflation and interest rates, the economy continues to get a boost from the job market and rising wages.

“The bottom line is that [POLA] is in a good spot as we move into the next quarter and the rest of 2024,” he said. “February was another strong month. “We saw a significant uptick over last year in all categories, with overall February volume exceeding our running five-year average by 15%.”

Addressing the significant February cargo gains, Seroka explained that February 2023 was an unusually light month for the port, due to the early Lunar New Year slowdown and cargo shifting away during protracted labor negotiations.

Through the first two months of 2024, total POLA volume, at 1,637,086 TEU, is up 35% annually, which Seroka said puts the port in line with its pre-pandemic volume levels seen in 2019.

“Looking ahead, March cargo volume should be in the 650,000 TEU range, as cargo eases somewhat with a later Lunar New Year slowdown, with pick up starting very quickly” he said. “That would bring our first quarter total to almost 2.3 million TEU, or 25% better than last year. I l like our position as we head into Q2 for several reasons. First, the market’s confidence in our gateways is as strong as it has ever been, and thanks to the long-term labor deal now in place, we have the world’s best longshore workforce eager and ready to work. Second, our operational data shows that cargo is flowing efficiently, and we have additional capacity available to accommodate future demands. Lastly, the latest data continues to show the U.S. economy is solid, which continues to bolster consumer confidence. Strong jobs and retail sales data makes it clear that Americans are keeping up with their spending habits.”    

POLB data: The Port of Long Beach reported that total February volume, at 674,723 TEU, increased 24.1% annually. Imports, at 329,850 TEU, headed up 29.4%, and exports, at 87,474 TEU, were off 21.1. Empty containers saw a 44.8% increase, to 257,400 TEU.

“Our top-notch customer service and ongoing efforts to attract business back to the West Coast are paying off,” said Port of Long Beach CEO Mario Cordero in a statement. “We continue to invest in infrastructure projects that will keep us competitive and sustainable for decades to come.”

Total POLB data through the first two months of the year, at 1,348,738, is up 20.7% annually.