U.S. Ports: Ocean Cargo Trends by Volume
U.S. Ports: Ocean Cargo Trends by Volume
U.S. ocean ports are regarded as an important indicator of international trade. In 2022, sea gateways handled 40% of international cargo value. For this reason, monitoring port volumes is critical to understanding trade trends across the country.
During the COVID-19 pandemic, from 2018 to 2020, the 12 largest U.S. ports handled approximately 46 million TEU (twenty-foot equivalent units) of cargo. However, in 2021 and 2022, this figure rose above 53 million TEU, causing severe congestion and logistics delays. In 2023, volumes at these ports fell to 46.67 million TEU, returning to pre-pandemic levels.
In 2022, Port of New York and New Jersey surpassed Port of Los Angeles to become America's busiest port. However, this situation was short-lived, and Port of Los Angeles regained its leadership by year-end. This shift reflects a trend of East Coast ports increasing their market share.
In 2023, Port of New York and New Jersey's cargo volume declined 6% on a year-over-year basis, falling to 742,571 TEU in October. Nonetheless, this represented an 11% increase compared to October 2019.
Port of Los Angeles increased its cargo volume by 7% in October 2023, reaching 725,775 TEU and maintaining an upward trend for the third consecutive month.
The Northwest Seaport Alliance reached 262,887 TEU in September with a 22% increase in international container volumes, recording its first volume increase in 19 months.
In 2024, cargo volumes at the 12 largest U.S. ports experienced fluctuations. Notably, East and Gulf Coast ports increased their market share due to labor disputes on the West Coast. Port of Los Angeles recorded a 3% increase in West Coast market share.
In May 2024, import volumes at major U.S. ports are expected to reach 2 million TEU. This would be the highest level since October 2023.
Key Takeaways:
In 2022, Port of New York and New Jersey briefly became America's busiest port.
In 2023, port volumes returned to pre-pandemic levels, but East Coast ports increased their market share.
In 2024, import volumes are expected to rise, which is being viewed as an indicator of economic recovery.
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News Link: https://www.supplychaindive.com/news/largest-us-ports-by-volume-month-coast-cargo-trends/693493/
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