The Port of Los Angeles has achieved a historic milestone, handling nearly 940,000 twenty-foot-equivalent units (TEUs) of cargo in July, the highest monthly total in the port’s 116-year history. This remarkable achievement reflects a 37% increase in TEUs compared to the same period last year and positions the port 18% ahead of its cargo volume pace for the first seven months of 2023.
This surge in cargo volumes is largely due to an early influx of merchandise ahead of the traditional year-end holiday season. Retailers have strategically advanced their shipments of goods such as toys, electronics, and clothing to mitigate potential disruptions from anticipated labor actions at other major ports. The arrival of these goods alongside back-to-school, fall fashion, and Halloween items has significantly contributed to the port’s record-breaking performance.
In response to the potential for delays at other ports, many shippers have opted to use West Coast ports, boosting their share of U.S. cargo to over 50% in June, according to the National Retail Federation. This trend is expected to continue, with projections indicating a 19.2% year-over-year increase in total TEUs at U.S. ports for August as the early peak shipping season progresses.
Amid ongoing negotiations regarding labor issues, preparations are underway for a potential strike, with discussions planned for early September. This proactive approach by retailers and port operators underscores the resilience and adaptability of the supply chain industry.
#ICTTMNews #BreakingNews #BreakingNews #SupplyChainSuccess #PortRecord #CargoGrowth #NewsUpdate
