Cargo volumes at the Port of Los Angeles rose 5% year-over-year to 748,440 TEUs in September, marking the second time in as many months volumes have increased compared to 2022.
"Given the muted peak season we're experiencing, our rising September performance is welcome news," Port of Los Angeles Executive Director Gene Seroka said in a Monday media briefing.
Despite the increase, the port's volumes decreased month-over-month, with August total volumes reaching 828,015 TEUs. According to Seroka, warehouse inventories still remain elevated as the holiday season approaches.
"We probably hit expected peak already for this year and we'll probably see gradual slowing as we get into the rest of the year," National Retail Federation President and CEO Matthew Shay said in the POLA briefing.
Volumes will still be strong but not as high as the association predicted six or eight weeks ago, Shay added.