The Port of Los Angeles handled 487,846 TEUs in February, a staggering 43% decline from
February 2022’s monthly record and its worst February since 2009.
“February declines were exacerbated by an overall slowdown in global
trade, extended Lunar New Year holiday closures in Asia, overstocked
warehouses and a shift away from West Coast ports,” said Port of Los Angeles
Executive Director Gene Seroka. “While we expect more cargo moving crossing our
docks in March, volume will likely remain lighter than average in the first
half of 2023.
The numbers paint a clear picture of container
shipping’s slowdown following the pandemic-driven cargo
surge that began subsiding last summer. February 2023 loaded imports reached 249,407 TEUs, down 41% compared
to the previous year and -32% from January. 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.
“We’re using this
volume lull to focus on new data and infrastructure initiatives to improve
efficiency in preparation for increased throughput,” Seroka added.
Two months into 2023,
total container volume stands at 1,213,860 TEUs compared to 1,723,360 TEUs in
2022, a 30% decline.
The Port of Los Angeles ranked as the busiest container port in the U.S. for a 23rd
consecutive year in 2022 with 9.9 million TEUs handled, its second highest year
on record behind 2021’s 10.7 million TEUs.
February volumes came in 10% below February 2020
levels, but 7.7% above March 2020 which was the slowest month following the onset of the COVID-19
pandemic. Looking back further, last month was the Port of Los Angeles’ worst
February since 2009 when the port handled 413,910 TEUs.