The Port of Los Angeles has announced it handled 713,721 Twenty-Foot Equivalent Units (TEUs) in February 2016, an increase of 42 percent compared to the previous year. It was the busiest February in the port’s 109-year history and follows the port’s best January volumes.
Port of Los Angeles Executive Director Gene Seroka, said of the announcement, “Back to back record months to start 2016 indicate consumer confidence in the U.S. economy and strong shipper confidence in our terminal and supply chain partners to deliver on speed and efficiency”.
According to the announcement, February 2016 imports grew 46.6% to 372,744 TEUs compared to the previous year whilst exports increased 11.1% to 146,488 TEUs in February. Total loaded imports of 519,233 TEUs increased 34.5% compared to the previous year. Empty containers increased 66.7% to 194,487 TEUs. Combined, February overall volumes totalled 713,721 TEUs, representing a 42% increase compared to last year
Port of Los Angeles indicated February volumes were buoyed in part by US importers bringing in products from Asia ahead of the Lunar Year, which began early February and slowed production for several weeks in China. The surge in February deliveries is expected to result in softer import volumes in March. In addition, the relatively high value of the US dollar continues to slow US exports due to their relative higher costs abroad.
Source: Port of Los Angeles
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