Port of Los Angeles
The Port of Los Angeles processed 752,893 Twenty-Foot Equivalent Units (TEUs) in May. While that represents a slight 3% decline over last May, overall cargo volume remains 18% ahead of 2023 after five months.
“We continue our trend of strong, consistent volume that started at the beginning of the year,” Port of Los Angeles Executive Director Gene Seroka told reporters at a Wednesday media briefing. “As we gear up for the second half of the year, our forecast indicates more robust activity on our docks throughout the summer.”
Seroka announced plans to travel to Taiwan and China next week to discuss increasing cargo volume and reducing the Port’s carbon footprint. The ports of Los Angeles and Long Beach will co-sponsor a China-U.S. Green Shipping Corridor in Shanghai. This initiative aims to establish a global trade route to Southern California using low- and zero-carbon vessel fuels.
“More cargo. More jobs. And decarbonizing global trade,” Seroka added. “That’s our objective now, and into the future.”
Economic Insights from Jared Bernstein
Jared Bernstein, Chair of the United States Council of Economic Advisers, participated in the Port’s media briefing. Bernstein, who advises President Biden on economic matters, discussed the economic outlook and the significant impact of ports and supply chains on the economy.
May 2024 loaded imports landed at 390,663 TEUs, a 4.5% decline compared to the previous year. Loaded exports came in at 125,963 TEUs, an increase of 24% compared to last year. May marked the 12th consecutive month of year-over-year export gains.
The Port processed 236,268 empty containers, a 12% decrease compared to 2023.
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Source: Port of Los Angeles
