Cargo volumes at the Port of Long Beach fell 15.4% YoY to 682,312 TEUs in August, marking almost a year of consecutive volume declines at the port.
Warehouses remained overstocked as consumers continued to pivot toward travel and other summertime activities, according to port officials.
“We anticipated a modest peak season as our cargo numbers continue to stabilize at pre-pandemic levels,” Port of Long Beach CEO Mario Cordero said in a statement. “Over the long term we are strengthening our competitiveness by investing in digital and physical infrastructure projects that will keep goods moving efficiently for decades to come.”
Although August was the 11th straight month of annual volume declines for the port, it moved 4.99 million TEUs during the first eight months of 2023, on pace with pre-pandemic levels, according to the San Pedro Bay port.