Cargo moving through the Port of Long Beach slowed in February due to full warehouses, reduced consumer spending and the closure of east Asian factories during the Lunar New Year holiday.
“Trade continues to normalize following the record-breaking cargo numbers we saw at the start of last year,” says Port of Long Beach executive director Mario Cordero. “We are investing in infrastructure projects that will keep us competitive as we collaborate with industry stakeholders to focus on trade volume.”
From Port of Long Beach:
- Dockworkers and terminal operators moved 543,675 twenty-foot equivalent units (TEUs) last month, down 31.7% from February 2022, which was the port’s busiest February on record. Imports declined 34.7% to 254,970 TEUs and exports decreased 5.9% to 110,919 TEUs. Empty containers moving through the port were down 38.3% to 177,787 TEUs.
- Trade typically slows in February as East Asian factories close for up to two weeks for the Lunar New Year. Economists say the year started stronger than anticipated, but shifts in trade routes and increased prices driven by inflation contributed to a decline in shipments.