[Freight Weekly] SoCal Ports See Record Numbers

JD Vance is named Trump's VP pick

Author

Boxy
July 18, 2024

💸Southern California ports see record volumes as global trade costs continue to rise due to drama in the Panama, Suez canals, and Red Sea corridor💸

The Port of Los Angeles and terminals on the San Pedro Bay and the Pacific are seeing record-strong trade volumes, boosted by an early spike before the peak trade season leading into the Fourth-Quarter trade. Here’s what to know:

  • According to data released July 17, LA handled 4.7 million 20-ft TEUs in the first half of 2024, 14.4 percent more than the same period last year.

  • The sister Port of Long Beach saw imports jump 53 percent to nearly 420k TEUs, while exports increased 4 percent to 98.3k TEUs.

  • Though not on the San Pedro, the Port of Oakland reports imports have climbed by 26 percent, and exports are up by 22 percent.

  • Volumes across the Pacific coast ports are on consistent climbs.

  • All of this is happening despite rising shipping costs due to crises in the Panama and Suez canals and the ongoing violence in the Red Sea.

  • Global shipping costs continue to strain the international community.

  • These concerns are contributing to greater harm to inflation across the board. Currently, the Federal Reserve may announce cuts to interest rates but the ongoing crisis of shipping leaves the industry in limbo.

Bottom line: Early peak season numbers on the West Coast of the United States show that trade volumes will continue to rise as we approach the Christmas shopping/shipping season. However, ongoing crises will harm shipping costs.

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📈 BY THE NUMBERS

⛽ Diesel: $3.826 gal (⬇️from $3.865 last week) - EIA

✈️ Air Cargo Index (June ‘24): 174.5 (⬆️from 167.5 in May ‘24) - FRED

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📰OTHER NEWS IN FREIGHT📰

✨Ohio Sen. JD Vance named Trump’s VP pick: Sen. JD Vance, a Republican from Ohio, was named as Donald Trump’s pick for vice president in his 2024 run for the presidency. Vance is an outspoken critic of climate change measures but presents himself as a friend to the national trucking industry, especially on the issue of truck parking along major interstates and highways across the USA.

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