Port officials said they expect the cargo downturn to continue into early 2023, with a leveling-off anticipated mid-year.
Cargo volumes at the ports of Los Angeles and Long Beach slowed for the fourth consecutive month in November, officials announced on Wednesday, Dec. 13 — with the downturn expected to continue through the early months of 2023.
The situation is much the same at the Port of Long Beach, according to a Wednesday statement; that port has moved moved 8,589,553 TEUs throughout 2022 so far. Over the past 11 months, cargo volumes at both ports have dipped below their 2021 levels — 7% less cargo has moved through POLA this year, and POLB’s volume dipped 0.5% during the same timeframe.Peak shipping time for both ports — ahead of the holiday season — came earlier than usual this year, bringing holiday goods into the ports over the summer.
That’s because China’s Lunar New Year is also scheduled earlier than usual this year, Nixon said, meaning that factories will close for production from about Jan. 7 to Feb. 6. “We know it’s going to be a slow first half on cargo volumes, but we expect at some point there will be a rebalancing,” Nixon said, “and when that comes probably towards the second half of ’23, it’s going to be back to business as usual.”
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