SIMIC

THE Port of Long Beach saw a 30 per cent year-on-year drop in container volumes in the first quarter of the year to 1.72 million TEU in the first quarter of 2023.
The sharp drop in volumes reflects a normalization of the container trades, high inventory stocks built up by US importers last year, lower US consumer spending, and as a result a drop in exports from China.
In March 2023 the port handled 603,878 TEU down 30 per cent on a record March volume in 2022.
Imports decreased 34.7 per cent to 279,148 TEU while exports increased 16.9 per cent to 133,512 TEU. Empty container movements through the port saw the sharpest drop declining 40.5 per cent to 191,218 TEU.
Said port executive director Mario Cordero: "Warehouses remain full and fewer cargo containers are crossing the docks because consumer spending remains slow."
Spot container freight rates are seen as having bottomed out following a plunge of more than 80 per cent over the last 18 months, and HSBC Global Research has pointed to a potential recovery reflecting improved demand.