The Port of Los Angeles saw cargo volume increase for the fourth consecutive month in November, when it rose 19% compared to the same time last year, officials said Wednesday.
The port processed a total of 763,262 twenty-foot equivalent units in November. Loaded imports landed at 384,629 TEUs, an increase of 25% compared to 2022.
Loaded exports came in at 111,755 TEUs, an increase of 24% compared to November 2022. Empty containers totaled 266,888 TEUs, a 10% increase compared to last year.
“Our year-end growth reflects the strength of the U.S. economy powered by the American consumer,” Port of Los Angeles Executive Director Gene Seroka said during a media briefing. “Black Friday and Cyber Monday sales were strong, and the forecast for overall holiday sales is 3 to 4% above last year, another high mark.”
He added, “Thanks to the outstanding efforts of our dockworkers and other stakeholders, we’ve gained market share in recent months.”
Seroka believes the positive growth will continue into 2024 as the port works toward maximizing operational efficiencies and decarbonizing the port complex.
At the briefing, Kristin Morency Goldman of The Toy Association shared the latest consumer trends in the industry, including the popularity of educational toys. She noted research indicated nearly 90% of adults will buy games or toys for other adults, a phenomenon she described as purchasing for “kidults.”
Eleven months into 2023, the port has processed 7,887,162 TEUs, 14% less than the same period last year.