The Port of Los Angeles announced August 23 that it had processed 684,291 Twenty-Foot Equivalent Units (TEUs) during July, a significant drop-off from June 2023 when volumes were just 5% lower than the port's all-time monthly cargo handling record set in June 2022.

Loaded imports were down 25% year-on-year, coming in at 364,208 TEUs. Meanwhile, loaded exports rose to 110,372 TEUs, a 6% increase from 2022. The port also saw the number of empty TEUs it processed fall by 39% year-on-year to 209,710 units.

Through the first seven months of 2023, the Port of Los Angeles has processed 4,821,670 TEU, a 24% drop from the same period in 2022.

“Global trade has eased as warehouse inventories of retailers and manufacturers remain elevated,” said Port of Los Angeles executive director Gene Seroka. “American consumers are continuing to spend and are likely to find more discounted items this year as we move into fall fashion and year-end holiday season.”