November POLA and POLB volumes continue to see growth
November volumes, for the Port of Los Angeles (POLA) and the Port of Long Beach (POLB) again saw solid gains, according to data respectively issued by each port this week.
POLA reported that total November volume, at 763,262 TEU (Twenty-Foot Equivalent Units), posted a 19% annual gain, toping October’s 7% annual increase. This represents the fourth consecutive month of volume growth.
POLA imports, at 384,619 TEU, increased 25% annually, topping annual gains of 11% and 14%, respectively, in October and September. Exports, at 111,755 TEU, increased 24% annually, rising for the sixth consecutive month and marking the seventh month exports have topped the 100,000 TEU mark in a month. Empty containers, at 266,888 TEU, were up 10%, for its first annual gain in 16 months, as shippers and container liners strategically position their assets to Asia for the upcoming months of imports.
On a year-to-date basis through November, total POLA volume is down 14% annually, to 7,887,162 TEU.
POLA Executive Director described November as another very good month for POLA volumes.
“Compared to a slow November last year, we had sizable gains in imports, exports, and empties,” he said, adding that the month’s strong import tally “reflects the ongoing strength of the American economy by our consumers.” And he cited National Retail Federation data pointing to a record-breaking 200 million buyers participating in both store and online shopping from Thanksgiving through Cyber Monday, an 8% annual increase, coupled with the NRF calling for 2023 holiday sales to increase 3%-to-4% compared to 2023.
Addressing November exports’ growth, Seroka noted that after several years of weak exports this positive trend is encouraging.
“There is still much work ahead to provide continued support for our agriculture and manufacturing exporters,” he said.
While year-to-date volumes are down 14%, Seroka said it is worth noting that things have improved since the first quarter, when total volume was off 32% annually.
“All things considered, I am pleased with the progress that we have made during these last nine months,” he said. “Our dockworkers and other stakeholders have done outstanding work and are prepared to handle more cargo as the market picks up…all these efforts have allowed us to steadily recover and bridge the gap.”
Looking ahead to the first quarter, Seroka said that the Lunar New Year holiday always impacts volumes. With the holiday falling on February 10, he said factories in Asia (which will subsequently be closed for a week) will be diligently working to push out goods ahead of time.
“As a result, we will see a pretty respectable January, as cargo arrives ahead of the break and then another bump in arrivals toward the end of February in Los Angeles as that last cargo will be leaving Asia on the 8th and 9th of February headed our way,” he said. “Traditionally, following that, March will be a lighter month, in terms of production.”
POLB data: The Port of Long Beach reported that total November volume, at 731,033 TEU, saw a 24.2% annual increase.
POLB imports, at 355,339 TEU, were up 37% annually, and exports, at 109,798 TEU, were off 13%. Empty containers saw a 30.6% gain, to 266,896 TEU.
Through November, total POLB volume, at 7,308,848 TEU, is off 14.9% annually with 2023 volumes roughly in line with pre-pandemic volumes, with POLB moving more than 6.96 million TEU, for the same period in 2019.
“We are recapturing market share, online shopping is on the rise and retailers are keeping the shelves stocked to meet rising consumer demand for the holidays,” said Port of Long Beach CEO Mario Cordero in a statement. “We remain optimistic as cargo returns to this critical gateway for trans-Pacific trade.”
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