EnThe Port of Long Beach expanded its container handling by 8.7% on a year earlier in January, official data shows. That was the first increase since July 2016, with the downturn explained in part by the demise of part-owner Hanjin Shipping. The resolution of ownership, discussed in Panjiva research of January 16, may explain some of the recovery, while export growth of 10.8% was a major factor.
It still lagged neighboring Los Angeles, however, which handled 17.8% more containers than a year earlier. That was the sixth straight month of growth, and the fourth best month ever. The latter is remarkable given 62% of its inbound shipments are from China and South Korea, Panjiva data shows, both of which had an earlier-than-usual lunar new year this year.
Source: Panjiva
Both outperformed the Port of Oakland, which saw growth of just 3.2% on a year earlier for January. That was the result of a 10.5% drop in onward shipment of empty containers however – exports of full containers climbed 9.0% on the prior year. Indeed, the growth in exports for all three ports outpaced the growth in imports by 17.9% vs. 9.9%. That may suggest the rally in the value of imports shown by seaborne shipments may be offset by improved exports when it comes to the advance goods deficit due February 28.
Source: Panjiva
