Retailers push to fill warehouses ahead of Lunar New Year celebrations
Trade moving through the Port of Long Beach rose in January as retailers stocked up ahead of Lunar New Year, when east Asian factories typically close for up to two weeks. Dockworkers and terminal operators moved 674,015 twenty-foot equivalent units (TEUs) last month, up 17.5% from January 2023. Imports increased 23.5% to 325,339 TEUs and exports were down 18.1% to 86,525 TEUs. Empty containers moved through the Port increased 28% to 262,151 TEUs.
“Retailers stocked their warehouses in January ahead of the slower import activity we typically see during Lunar New Year celebrations,” said Port of Long Beach CEO Mario Cordero. “We are ready to grow our volumes and hope to see continued growth through 2024 as we gradually recapture market share.”
“The waterfront workforce and terminal operators are energizing the economy by keeping the goods moving at the Port of Long Beach,” said Long Beach Harbor Commission President Bobby Olvera Jr. “We’re staying the course by attracting business, operating sustainably and developing projects that will ensure our long-term growth.”
The strong start to 2024 marks the fifth consecutive monthly year-over-year increase following 13 months of declines in cargo movement at the Port.
Complete cargo numbers here The Port of Long Beach is a global green port initiative and top-notch customer service, moving cargo with reliability, speed, and efficiency. As the premier U.S. gateway for trans-Pacific trade, the Port handles trade valued at $200 billion annually and supports 2.6 million jobs across the United States, including 575,000 in Southern California. In 2023, industry leaders named it “The Best West Coast Seaport in North America” for the fifth consecutive year. During the next 10 years, the Port is planning $2.2 billion in capital improvements aimed at enhancing capacity, competitiveness, and sustainability.
