Port of Long Beach Sets New Record with Huge Cargo Increase in August 2024
The Port of Long Beach had a very busy month in August 2024, handling a record-breaking amount of cargo. It managed 913,873 containers (TEU), which is 33% more than the same month last year. This number also beats the previous all-time high set during the COVID-19 pandemic in May 2021 by 6,657 containers. This is only the second time the port has handled over 900,000 containers in one month.
Why Is This Happening?
The Port of Long Beach is benefiting from a few key issues that are affecting other parts of the country. On the East Coast, workers at ports are in a tough situation. They have been negotiating with their employers to agree on a new labor contract, but things are not going well. The deadline to make an agreement is October 1. If they don’t come to an agreement, the workers, part of the International Longshore Association (ILA), have promised to strike at all ports from Maine to Texas. ILA President Harold J. Daggett said that if the workers go on strike, every port on the East Coast will stop working.
Container Market Sentiment Signals Rebound: A ‘Shipper’s Market’ this Peak Season
Because of this possible strike, many companies have decided to move their cargo from Asia through the West Coast ports instead of the East Coast. This has added to the already busy season for the Port of Long Beach.
There is also another reason for the increase in cargo. U.S. Presidential elections are coming up, and Donald Trump, a candidate running for President, has talked about raising tariffs (extra taxes) on goods from China. To avoid these potential new taxes, many companies are rushing to get their shipments in early.
Busy Peak Season for the Port
With so much happening, the Port of Long Beach is experiencing a very busy season. The port’s CEO, Mario Cordero, said, “Cargo diversions and concerns about upcoming tariffs are creating a busy peak season for us.” He also mentioned that the port is ready for the extra work. They have a strong workforce, modern infrastructure, and plenty of space at their terminals to handle the increase in shipments.
In August 2024, the port saw a large jump in imports, which went up by 40.4% compared to the same month in 2023. The port handled 456,868 containers filled with goods. Exports also increased by 12%, totaling 104,646 containers. The number of empty containers, which are sent back to be refilled, went up by 33.7% to 352,360 containers.
Growth So Far in 2024
In the first eight months of 2024, the Port of Long Beach has handled 6.09 million containers. This is a big increase of 21.9% compared to the same period in 2023. The neighboring Port of Los Angeles is also seeing big growth. In July 2024, it handled 939,600 containers, which is a record for that month and 37% higher than the previous year.
The West Coast ports, especially Long Beach and Los Angeles, are playing a huge role in managing the country’s cargo during this uncertain time.
