Despite the timing shift of the Lunar New Year which typically results in a slowdown, major U.S. ports have shown strong annual growth in cargo volumes, demonstrating robust resilience and adaptability. The Port of Los Angeles, leading the West Coast, grew at a faster rate than the nearby Port of Long Beach, showcasing a significant year-over-year increase. For March, the Port of Los Angeles processed 743,417 TEUs, marking a 19.3% increase from the previous year, although it experienced a month-over-month decline due to seasonal fluctuations.
Conversely, the Port of Long Beach saw a more modest year-over-year increase of 8.3%, handling 654,082 TEUs. Both ports, however, have navigated the challenges brought by the Lunar New Year, which caused sequential declines in imports but not enough to offset the impressive annual gains. On the East Coast, the Port of Savannah continues to expand, with a notable 18.5% increase in TEUs handled compared to March of the previous year, underlining its ongoing growth trajectory in handling cargo volumes.
These developments highlight the dynamic nature of global trade and the critical role of U.S. ports in facilitating the continuous flow of goods, even amidst seasonal and cyclical challenges. The continued strength in port performance is expected to sustain through the middle of the year, bolstered by high inbound ocean TEUs volumes which remain significantly elevated year over year.
Credits:
- FreightWaves, “Port roundup: Strong annual growth across the board”, FreightWaves Article.
