SIMIC

THE Port of Long Beach container traffic declined to 543,675 TEU in February, down 31.7 per cent year on year, reports London's Port Technology.
Imports declined 34.7 per cent to 254,970 TEU and exports dropped 5.9 per cent to 110,919 TEU. Empties were down 38.3 per cent to 177,787 TEU.
According to the port statement, trade slowed down at the port due to full warehouses and reduced consumer spending.
The port also mentioned that trade typically declines in February due to the two-week closure of east Asian factories during Chinese New Year.
Economists have claimed that shifts in trade routes and increased prices driven by inflation contributed to a decline in shipments as retailers continued to clear warehouses, reported the Port of Long Beach.
"Trade continues to normalise following the record-breaking cargo numbers we saw at the start of last year," said Port of Long Beach executive director Mario Cordero.
"We are investing in infrastructure projects that will keep us competitive as we collaborate with industry stakeholders to focus on trade volume," he said.