The Port of Los Angeles is on track to surpass 10 Million TEUs per year in 2024 for only the 2nd time in its history.
This is the message from Port of Los Angeles Executive Director Gene Seroka. In a video interview, Seroka said “We are well on pace to exceed 10 million container units for only the second time in our 117-year history.
It’s a remarkable milestone that we owe to the collective efforts of our partners: The women and men of the International Longshore and Warehouse Union, our trucking community, terminal operators, rail partners, and many others whose efforts continue to elevate the Port of Los Angeles to new heights.”
The Port of Los Angeles handled 884,315 TEUs in November which is a 16% increase Y-o-Y with a total of 9,375,735 TEUs as at the end of November 2024 which is 19% ahead of its 2023 pace.
The port handled 458,165 TEUs imports marking a 19% increase Y-o-Y, 124,117 TEUs of exports which is a 11% increase Y-o-Y and 302,033 empty containers, a 13% jump Y-o-Y.
As per Seroka, “The key driver of this growth is the underlying strength of our nation’s economy, which continues to boost consumer spending. According to the National Retail Federation, about 200 million Americans, three-quarters of all adults, shopped at near-record levels on Black Friday and Cyber Monday. This bodes well for the remaining days of this holiday shopping season.”
Seroka however also cautioned that while the strong consumer trends are promising, it is important to note that geopolitical and domestic issues including the unresolved labor contract negotiations on the East and Gulf Coasts, as well as front-loading of cargo as a hedge against potential tariffs and the ongoing security concerns in the Red Sea have led to increased cargo movement through Los Angeles.
Seroka further added that to boost U.S. exports, the Port of Los Angeles have prioritised leveraging surplus empty containers for agricultural exporters.
He mentioned that Conglobal’s new container depot in central California, equipped with containers, chassis, and soon, a rail component, will enable faster and more efficient exports from the Central Valley through the Port of Los Angeles.
Source : Port of Los Angeles
