Houston — The Port of Los Angeles saw November volumes grow on the year as the peak import season extended into December, the port said Dec. 15.
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Register NowTotal container throughput at the port in November was 889,746 twenty-foot equivalent units, or TEUs, a 22.1% increase over volumes handled in November of 2019.
This comes as retailers continue to replenish inventory and consumers purchase elevated amounts of home appliances, furniture and sporting equipment, compounded by the traditional holiday season import surge.
"November continued a path of heavy warehouse replenishment, and it is unusual to see this volume this late in the year," said port Executive Director Gene Seroka.
As trans-Pacific shipping lines were pushed to capacity, Platts Container Rate 13 — North Asia to West Coast North America — more than tripled from March and was last assessed at $3,900/FEU.
Since August, the port has now seen four consecutive months of year-on-year volume growth, but total throughput year to date is still below 2019 levels. In the 11 months through November, the port moved 8,334,210 TEUs, a 3% decrease on the year.
"The five-and-a-half-month cargo surge has been welcome," said Seroka.
Even so, January through November loaded exports are down 13% compared to the same period last year, and loaded exports have fallen 23 out of the last 25 moths, a reflection of the widening trade gap that harms American exports, the port said.
"American exporters are upset and frustrated," Seroka said. "The majority of exports move from rural America, we've got to find a way to cut the angle on this and get equipment closer to exporting folks."
This comes as many carriers are heard shunning American exporters, prioritizing instead the rapid repositioning of empty boxes to Asia in order to act on demand and freight rates on the eastbound trans-Pacific route. As a result, empty exports from the port have soared, climbing 34.2% to 294,010 since November of 2019.
Future volumes
The port expects strong volumes through the end of the year. Expected volumes for December have been revised to 875,000 TEUs from the previous assessment of 800,000 TEUs on the back of week on week import growth throughout the final month of the year.
And early indications suggest a throughput of 850,000 TEUs in January.
"We'll see a volume dip following Lunar New Year in mid-February," said Seroka. "Our throughput should be strong through at least the first week of March."
The port anticipates total 2020 throughput at 9.2 million TEUs.
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Port of Los Angeles posts strong November liftings as trans-Pacific trade remains untempered - S&P Global
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