Trade moving through the Port of Long Beach cooled in June as retailers continued to clear warehouses, according to the company's release.
Dockworkers and terminal operators moved 597,076 twenty-foot equivalent units (TEUs) last month, a 28.5% decline from June 2022, which was the Port’s busiest June on record. Imports were down 34% to 274,325 TEUs, while exports declined 18% to 94,508 TEUs. Empty containers moving through the Port decreased 25% to 228,243 TEUs.
Economists report that consumer spending exceeded expectations during the first half of 2023 and may flatten out through the rest of the year.
The Port has moved 3,732,676 TEUs during the first half of 2023, down 25.5% from the same period last year.
The Port of Long Beach handles trade valued at $200 billion annually.