In January, the Port of Los Angeles experienced a strong start to the year with 855,652 Twenty-Foot Equivalent Units (TEUs) handled. This marks the second-best start on record after last year’s surge in cargo due to the pandemic. According to port officials, this is also the sixth consecutive month of year-over-year increases and an 18% increase from January 2023.
Executive Director Gene Seroka stated that two factors contributed to this successful start. Firstly, there has been a high demand for goods as cargo owners replenish inventories ahead of Asia’s Lunar New Year holiday. Secondly, consumer spending and positive economic data have boosted America’s economy.
Seroka also mentioned that last season saw a growth of nearly 4% in holiday sales and other key indicators are showing positive trends such as job growth. Lt. Gov Eleni Kounalakis added that California’s supply chains are efficiently moving goods thanks to updates in infrastructure, digitalization efforts and zero-emission projects at the Port of Los Angeles which not only accelerates decarbonization but also creates high-quality jobs.
This news was first reported by Connect CRE.
