In August 2024, the Port of Los Angeles handled an impressive 960,597 Twenty-Foot Equivalent Units (TEUs), marking a 16% increase compared to the previous year. This achievement makes it the busiest non-pandemic month in the port’s history.
As of the first eight months of 2024, the port has moved nearly 1 million more containers than during the same period in 2023, placing it 17% ahead of its pace from last year.
Strong Consumer Demand and Replenished Inventories
Gene Seroka, Executive Director of the Port of Los Angeles, attributed the surge in volume to continued consumer spending, which remains a significant driver of economic activity. Seroka noted that the current cargo influx is not solely tied to the year-end holiday season but is also a result of replenishing inventories. This, combined with a steady flow of manufacturing parts and components, is expected to keep the port’s volume elevated in the near term.
Seroka expressed his gratitude to the dedicated waterfront workers and terminal operators who have successfully handled the increased volume efficiently and safely throughout the busy summer season.
Industry Insights and Future Projections
During a media briefing, George Goldman, President and CEO of the North America division of CMA CGM, discussed the factors contributing to the surge in cargo at U.S. ports. He also provided insights into what could be expected in the months ahead, as port activity remains high.
In August 2024, the port saw a substantial 18% rise in loaded imports, processing 509,363 TEUs. However, loaded exports decreased slightly by 3%, reaching 121,744 TEUs. Additionally, the port managed 329,491 empty containers, representing a 22% increase over the previous year.
Overall Performance in 2024
From January to August 2024, the Port of Los Angeles processed 6,631,688 TEUs, a significant 17% increase over the same period in 2023. The port’s robust performance reflects the broader strength of consumer demand and ongoing economic activity in the U.S. logistics sector.
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Source: Port of Los Angeles
