Port of Long Beach CEO Mario Cordero confirmed that trade flows to the U.S. West Coast continued to gain momentum in April, marking the eighth consecutive month of positive growth. He forecasted that April’s container volume would be the highest for 2024 thus far.
Highlights from Cordero:
- Sustained Growth:
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- Cordero emphasized that the first quarter ended on a strong note, with cumulative container volumes at Long Beach and its neighboring Port of Los Angeles up by 23% compared to the same period last year.
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- Cargo Return:
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- The West Coast ports are experiencing a rebound in cargo that had been diverted to East and Gulf Coast ports during last year’s lengthy contract negotiations between dockworkers and their employers. Federal mediation, with support from the White House, helped resolve these disruptions.
National Retail Federation (NRF) Forecasts:
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- The NRF anticipates a steady increase in U.S. container imports through the summer and into early fall. Jonathan Gold, Vice President of Supply Chain and Customs Policy, remarked on the current growth trend, saying, “We haven’t seen numbers this high for this many months in almost two years.”
- Freight Costs Rising:
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- Reflecting this growth, spot rates for shipping a 40-foot container from Shanghai to Los Angeles rose by 18.3% this week.
Cordero’s confidence in continued growth at Long Beach is a positive signal that the port’s logistics network is adapting to new challenges, while handling rising demand amid shifting trade dynamics.
Source:
https://www.ttnews.com/articles/port-long-beach-ceo-cargo-up
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