(Bloomberg) — US West Coast ports are closing out the first half of the year with strong trade volumes, boosted by an early peak season, solid consumer spending, and threats of a labor strike at East and Gulf Coast ports.
The Port of Los Angeles handled 4.7 million 20-foot container equivalent units in the first half of 2024, 14.4% more than the same period last year, according to data out Wednesday. Imports ticked down 1.5% in June compared to the same month last year, while exports climbed more than 13% and empty container volumes fell 4.6%.
Declining inflation, higher wages and a robust job market are fueling consumer spending that has resulted in steady cargo volumes, Port of LA Executive Director Gene Seroka said at a press conference.
“I think we’ll see this pattern continue as we move into the third quarter,” Seroka said.
Worries about more US tariffs on Chinese goods, and the threat of labor turmoil at East and Gulf Coast ports, are helping to bring on an earlier-than-usual peak season.
Neighboring Port of Long Beach posted its strongest total volume for the month of June on record, and the highest reading for inbound containers since mid-2022, data released Tuesday showed. Total container volumes were up 15% in the first half of 2024 compared to last year.
“We are recapturing market share and consumer spending is driving cargo to our docks as we head into the peak shipping season,” said Port of Long Beach CEO Mario Cordero. “I see modest growth for the second half of 2024.”
Separately, the Port of Oakland reported 84,040 TEUs of imports in June, a 26.8% increase compared to the same month last year, marking the highest monthly total since August 2022. Loaded exports at the San Francisco Bay trade hub continued to stabilize at around 65,000 to 70,000 TEUs each month after falling during the pandemic.
(Updates with comment from Seroka and chart.)
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
Catch all the
Business News,
Market News,
Breaking News
Events and
Latest News
Updates on Live Mint. Download The
Mint News App
to get Daily Market Updates.
MoreLess
First Published:
18 Jul 2024, 01:58 AM IST
HomeNewsPort of LA Container Volumes Up 14% on Strong Trade Activity
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : LiveMint – https://www.livemint.com/news/port-of-la-container-volumes-up-14-on-strong-trade-activity-11721248115154.html