Trade moving through the Port of Long Beach softened in November amid reduced orders from retailers, full warehouses, vessel transfers between the San Pedro Bay ports and goods shifted toward seaports along the East and Gulf coasts, according to the company's release.
Dockworkers and terminal operators moved 588,742 twenty-foot equivalent units (TEUs) last month, down 21% from November 2021. Imports slid 28.4% to 259,442 TEUs, while exports increased 13.8% to 124,988 TEUs. Empty containers moving through the Port decreased 25.2% to 204,313 TEUs.
Long-dwelling containers at the San Pedro Bay port complex have been reduced by more than 90% since the end of October 2021, when the Port of Long Beach and the Port of Los Angeles initiated a Congestion Dwell Fee. Although the fee has not been assessed, it has incentivized shippers to remove long-dwelling import containers from terminals.
Economists say spending is stronger heading into the end of the year as consumers pivot away from dining out, live entertainment and other services toward purchasing goods for the holiday season.
The Port of Long Beach has moved 8,589,553 TEUs during the first 11 months of 2022, down 0.5% from the same period in 2021, which was the Port’s strongest year on record. The Port of Long Beach is the nation’s leading export port, with 1.44 million TEUs of loaded exports in 2021, and nearly 1.3 million TEUs through the first 11 months of 2022.
The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade. As the second-busiest container seaport in the United States, the Port handles trade valued at more than $200 billion annually and supports 2.6 million trade-related jobs, including 575,000 in Southern California.