Port of Los Angeles records record shipments in July – Daily Breeze

Cargo volumes at the Port of Los Angeles reached a new record in July, increasing by nearly 939,000 container units, the highest in the port’s 116-year history.

This represents an increase of 37% compared to July of the previous year and was the busiest month in more than two years.

Seven months into 2024, the Port of Los Angeles is 18% above its 2023 pace, port officials said.

The numbers were announced Tuesday by port CEO Gene Seroka – who called it a “stunning cargo report” – during his monthly virtual press conference.

Seroka attributed this to the general economic situation and the port’s traditional “peak season,” noting that fall and holiday goods “come across our docks a little earlier than usual.”

This is partly because shippers are taking extra precautions to avoid security risks in the Red Sea in light of the Middle East war. Some shipments are arriving earlier and are also using ports on the west coast.

But will it last?

“Some observers believe that cargo volumes in 2024 may have peaked in July. So we’ll see if that’s true,” Seroka said. “So much depends on the economy.”

Seroka’s guest of the month, economist Paul Bingham, director at S&P Transportation Consulting, said trade will continue to grow, “but not at the same pace as in 2024.”

However, he added that no recession is expected at present.

Cargo will be deliberately shifted to the West Coast at the start of the peak season, Bingham said, as shippers must reckon with the de facto closure of the Suez Canal and several other risk factors, including a possible strike by dockworkers on the East Coast.

But even if a strike were to occur, Bingham said, it would likely be of minimal duration and would not seriously disrupt shipping trade.