The eighth month of the year marked a notable shift in import activity, influenced by both seasonal demand and ongoing global supply chain adjustments. In this blog, we explore the key data and insights from August, shedding light on the current state of U.S. imports and what they mean for the economy moving forward.
In August 2024, U.S. container imports experienced a minor decline of 3% from July, totaling 2,556,180 TEUs, as reported by Descartes data. Nevertheless, a year-over-year comparison reveals a strong 12.9% increase, with volumes rising to 2,479,284 TEUs. This contrast highlights the ongoing volatility in the import landscape while showcasing the resilience and growth of global trade over the past year.
Southern California Ports Continue to See Volume Boosts
In August alone, the Port of Los Angeles handled a near-record 960,597 TEUs, a 16% bump from the same time in August 2023. On top of that, the Port is ahead of their 2023 pace, 17% to be exact, with having moved almost 1 million more containers this year compared to last, the port said in a press release.
Over at the Port of Long Beach, they handled 913,873 TEUs in August – which is an almost 34% increase from the same time last year. Additionally, the Port has moved 6,087,875 TEUs during the first eight month of this year, which is an 21.9% increase from the same time last year, the port detailed in a press release.
Looking Ahead
In conclusion, while August 2024 saw a slight dip in U.S. container imports from July, the year-over-year growth highlights a positive trend for the industry. Southern California’s ports, particularly Los Angeles and Long Beach, reported impressive increases, reflecting a strong rebound in trade activity. This performance suggests resilience in the supply chain and a promising outlook for the logistics and shipping sectors, reinforcing the vital role in the U.S. economy.
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