SIMIC

THE Port of Los Angeles saw cargo volume increase for the fourth consecutive month in November, when it rose 19 per cent compared to the same time last year.

The port processed a total of 763,262 TEU in November. Loaded imports landed at 384,629 TEU, an increase of 25 per cent compared to 2022, according to California's Spectrum News.



Loaded exports came in at 111,755 TEU, an increase of 24 per cent compared to November 2022. Empty containers totaled 266,888 TEU, a 10 per cent increase compared to last year.



Speaking at a media briefing, executive director of the Port of Los Angeles, Gene Seroka, said: "Our year-end growth reflects the strength of the US economy powered by the American consumers. Black Friday and Cyber Monday sales were strong, and the forecast for overall holiday sales is 3 to 4 per cent above last year, another high mark."



He added: "Thanks to the outstanding efforts of our dockworkers and other stakeholders, we've gained market share in recent months."



Mr Seroka believes the positive growth will continue into 2024 as the port works toward maximizing operational efficiencies and decarbonizing the port complex.



At the briefing, Kristin Morency Goldman of The Toy Association shared the latest consumer trends in the industry, including the popularity of educational toys. She noted research indicated nearly 90 per cent of adults will buy games or toys for other adults, a phenomenon she described as purchasing for "kidults."



Eleven months into 2023, the port has processed 7,887,162 TEU, 14 per cent less than the same period last year.