The Port of Los Angeles processed 487,846 20-foot equivalent units in February, representing a 43% decrease from the all-time record set in the same month last year, announced port officials Friday.
Gene Seroka, executive director of the port, attributed the decrease due to the extended Lunar New Year closures and economic concerns. Seroka said during a presentation Friday morning that February 2023 loaded imports reached 249,407 TEUs, down 41% compared to the previous year.
“February declines were exacerbated by an overall slowdown in global trade, extended Lunar Year holiday closures in Asia, overstocked warehouses and a shift away from west coast ports,” Seroka said. “While we expect more cargo moving crossing our docks in March, volume will likely remain lighter than average in the first half of 2023.”
According to Seroka’s presentation, loaded exports came in at 82,404 TEUs, a decline of 14% compared to last year. Empty containers landed at 156,035 TEUs, a 54% year-over-year decline.
Two months into 2023, a total container volume is at 1,213,860 TEUs compared to 1,723,360 TEUs in 2022, a 30% decline, according to port officials.
“We’re using this volume lull to focus on new data and infrastructure initiatives to improve efficiency in preparation for increased throughput,” Seroka said.