- Port of Los Angeles Shatters Monthly Cargo Volume Records in 2024
- Empty Container Volumes Surge 38% at Port of Los Angeles
- New Tariffs Loom as Port of Los Angeles Hits Cargo Milestone
The Port of Los Angeles achieved its best-ever performance in October 2024 with 905,026 Twenty-Foot Equivalent Units (TEUs), a level of increase of 25% above October 2023; it’s the first time the port has processed more than 900,000 TEUs in any four consecutive months, reports The Port of Los Angeles.
Year-To-Date Performance
In the first ten months of 2024, Port processed 8,491,420 TEUs, growing by 19% over the same period of 2023. This continuous growth is represented through strong consumer demand and changing market dynamics.
Factors Driving Growth
Executive Director Gene Seroka at the Port of Los Angeles noted several reasons for these record volumes, including healthy consumer spending, early arrival of the Lunar New Year, importer jitters at unresolved East Coast labor issues, and potential new tariffs in 2025, which would raise shipping costs.
Recognition of Key Interests
Expressing gratitude to the workforce, Seroka said, “I’m grateful to our dockworkers, truckers, terminal operators, and others who manage these record levels of cargo daily. They have achieved this with speed, efficiency, and without a single ship backed up at sea.”
Impact of Tariff Changes
During a media briefing, Mary E. Lovely, a Senior Fellow at the Peterson Institute of International Economics, joined Seroka to discuss further tariffs that could unfold in the coming months. According to forecasts, President-elect Donald Trump may introduce further tariffs on products from China and other countries, which is likely to alter flow patterns for trade over the coming months.
October Cargo Overview
In October 2024, the Port of Los Angeles received:
- Loaded Imports: 462,740 TEUs, up 24% versus October 2023.
- Loaded Exports: 122,716 TEUs, a modest 1% rise from the previous year.
- Empty Containers: 319,570 TEUs, a significant 38% leap over October 2023
These statistics highlight the Port’s importance in international trade and its flexibility as demands continue to escalate.
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Source: The Port of Los Angeles
