West Coast Ports See Cargo Growth
Two major U.S. West Coast ports saw continued cargo growth in March, coinciding with supply chain fallout from the Francis Scott Key Bridge collapse in Baltimore ().
Whats going on: The Port of Los Angeles processed 743,000 twenty-foot equivalent units (TEUs, the industrys standard measurement for cargo units) last monthup 19% from March 2023. It was the ports eighth-consecutive month of year-over-year growth.
- The Port of Long Beach last month moved 654,082 TEUs, a cargo increase of 8.3% from March 2023. Its imports rose 8.4% compared to last year.
- The ports anticipate Apriltraditionally slack season for the entry pointsbeing another busy month, Port of Los Angeles Executive Director Gene Seroka said.
Why its important: The growth is reflective of resilient consumer spending, [which] is key to our nations growth, Seroka continued. U.S. economic indicators remain positive even with some uncertainty regarding interest rates and the latest inflation data.
Shoring up systems: The Port of Los Angeles is working to ensure the safety of its systems following the March 26 Key Bridge collapse and an executive order by President Biden that increases cybersecurity regulations at all U.S. ports.
