Cargo movement through the Port of Long Beach (POLB) fell to 543,675 TEUs in February, down 31.7% from the same month last year.
In particular, imports declined by 34.7% to 254,970 TEUs and exports decreased by 5.9% to 110,919 TEUs. Additionally, empty boxes moving through the Californian port were down 38.3% to 177,787 TEUs.
Port of Long Beach said full warehouses, reduced consumer spending and the closure of East Asian factories during the Lunar New Year holiday were the main causes of the decline in February cargo movement.
According to the port statement, economists say the year started stronger than anticipated, but shifts in trade routes and increased prices, driven by inflation, contributed to a decline in shipments as retailers continued to clear warehouses.
“Trade continues to normalise following the record-breaking cargo numbers we saw at the start of last year,” pointed out Port of Long Beach executive director, Mario Cordero.
