L.A. Port Shipping Reaches 23-Month High in July
I reported on Wednesday that international trade reached a 20-month high in June, and Friday's report from the Port of Los Angeles provides additional statistical evidence of an ongoing boom in international trade activity. Shipping volume reached a 23-month high in July of 730,746 Twenty-foot Equivalent Units (TEUs), the highest monthly shipping activity since August of 2008 (see chart above), and 26.8% above July last year. On a year-to-date basis, shipping activity at the LA Port is up by 16.8% compared to last year.
Other highlights include:
1. Imports (loaded inbound containers) were up 21% and exports (loaded outbound) increased by 6% compared to last July.
2. The 26.8% increase in July follows double-digit gains of 32.3% in June, 19.9% in May and 11.9% in April. The last time there were back-to-back monthly gains as high as 26.8% and 32.3% was back in 2003.
3. For the month of July, this year's shipping activity was the highest in four years since July of 2006, and this follows a record last month for the highest June shipping volume ever in history.