The effects of the Lunar New Year lingered at U.S. ports well beyond the holiday itself. Despite a decrease in imports following the holiday, overall port activity remains robust compared to the previous year.
The delayed arrival of the Lunar New Year, occurring about two weeks later than in 2023, contributed to a temporary decline in volumes across ports. The Port of Los Angeles outpaced the Port of Long Beach in annual growth, despite both experiencing sequential declines from February levels.
In March, the Port of Los Angeles handled 743,417 twenty-foot equivalent units (TEUs), marking a 4.9% decrease from the previous month but a 19.3% increase compared to March 2023. Loaded imports accounted for over half of the TEUs handled, with a slight decrease from February but still showing significant year-over-year growth.
Exports saw a surge, with the Port of Los Angeles handling the highest number of loaded export TEUs in 2024 so far, representing a 9% increase from February and a remarkable 47.3% increase from March 2023.
In contrast, the Port of Long Beach experienced more modest growth in imports and a decrease in export numbers compared to the previous year. Despite handling 8.3% more TEUs in March 2024 compared to the previous year, both import and export volumes fell month over month.
On the East Coast, the Port of Savannah continued its growth trend, handling 18.5% more TEUs in March 2024 compared to the same period in 2023. Import growth was particularly impressive, with a 23.9% increase from March 2023, while exports remained strong with a 5% increase month over month and an 8.4% increase year over year.
Looking ahead, import numbers are expected to remain strong in April and May, as indicated by the Inbound Ocean TEUs Volume Index (IOTI), which is currently running 23% higher than the previous year. This trend suggests a promising outlook for imports in the coming months.
Source: www.freightwaves.com
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