Lieutenant Governor Eleni Kounalakis Joins Port of Los Angeles to Discuss Trade, Infrastructure, and Sustainability; Port Announces Near-Record January Volume

For Immediate Release
Wednesday, February 14, 2024 
Contact: Press@ltg.ca.gov, (916) 445-8994

 

LOS ANGELES – Today, Lieutenant Governor Eleni Kounalakis joined Port of Los Angeles Executive Director Gene Seroka for a media briefing on the latest cargo volume and trends, and a discussion of the state’s investment in port infrastructure, efforts to boost international trade and sustainability initiatives.  

Despite recent economic headwinds, the Port of Los Angeles and Port of Long Beach San Pedro Complex is the number one port system in the United States. California ports continue to receive over 40% of the nation’s cargo, with California being the country’s number one destination for Foreign Direct Investment (FDI). California recently made a historic $2 billion investment to modernize the state’s supply chain by investing in port-related infrastructure statewide with a focus on sustainable trade and small business support. 

 “California’s historic investments in our state’s supply chain infrastructure are designed to make our ports more competitive and sustainable,” said Lieutenant Governor Eleni Kounalakis. “With updates in infrastructure, digitalization, and zero-emission projects at the Port of Los Angeles, California’s supply chains are moving goods efficiently, accelerating the decarbonization of the state freight sector, all while creating high-quality jobs.” 

In January 2024, the Port of Los Angeles managed 856,000 Twenty-Foot Equivalent Units (TEUs), marking the second-strongest beginning of the year on record. Surpassed solely by the pandemic-triggered cargo boom in 2022, this month also marked the sixth consecutive period of year-over-year growth. 

“Two factors are driving our strong start. First, cargo owners have been replenishing inventories and moving goods at a fast clip ahead of the Lunar New Year holiday, which will slow production in Asia,” said Port of Los Angeles Executive Director Gene Seroka. “Second, consumer spending and mostly strong economic data continue to accelerate the American economy. Last season’s holiday sales grew nearly 4%, with strong job growth and other key indicators trending in a positive direction.” 

January 2023 loaded imports landed at 441,763 TEUs, up 19% compared to the previous year. Loaded exports came in at 126,554 TEUs, an increase of 23% compared to last year. The Port processed 287,336 empty containers, up 18% over 2023.  

Current and historical cargo data, including fiscal year-end totals, are available here. 

Watch the briefing here.