Cargo volumes at the Port of Long Beach reached 674,015 total TEUs in January, reflecting about an 18% increase year over year as retailers pushed to fill warehouse ahead of the Lunar New Year holiday.
“Retailers stocked their warehouses in January ahead of the slower import activity we typically see during Lunar New Year celebrations,” Port of Long Beach CEO Mario Cordero said in a Feb. 14 press release. During the 10-day holiday, factory closures lead shippers to replenish inventories and move goods early.
“We are ready to grow our volumes and hope to see continued growth through 2024 as we gradually recapture market share,” Cordero said.
Imports at the Long Beach port increased close to 24% to 325,339 total TEUs and exports were down 18% to 86,525 TEUs. January also marked the fifth consecutive monthly YoY increase after facing 13 months of declines.
