Port of Los Angeles imports surge

Imports at the Port of Los Angeles remained strong in the first five months of 2024, staying above pre-pandemic levels despite a slight decrease in May compared to the previous year.

Port Executive Director Gene Seroka attributed the dip to exceptionally high numbers from the prior year, driven by concerns over labour disputes among West Coast dockworkers. Despite this, overall container volumes at the port increased by 18 per cent compared to 2023.

Loaded import containers saw a minor decline, while loaded export containers surged by almost 24 per cent.

Seroka expressed optimism about continued robust trade volumes throughout the summer, citing ongoing strong demand in manufacturing and retail sectors. However, he acknowledged risks in the global supply chain, such as congestion along trade routes and challenging negotiations between dockworkers and employers at various ports.

Despite potential disruptions, Seroka noted that the Port of Los Angeles hasn’t been significantly impacted so far, with only marginal shifts in cargo allocation from other ports. Meanwhile, a forecast predicts that monthly imports to US container ports will reach a two-year high this summer.

Council of Economic Advisers Chair Jared Bernstein emphasised the White House’s hands-off approach to the dockworker negotiations, asserting support for collective bargaining while allowing the parties space to negotiate.