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LB Port box throughput slides 11pc in Feb during Lunar New Year
THE Port of Long Beach saw February box volumes tumble 11.2 per cent year over year to 498,311 TEU, which is said was driven down by reduced economic activity in Asia associated with the Lunar New Year.
"The Lunar New Year holiday began January 28, almost two weeks earlier than in 2016," the port said. "The Lunar New Year typically results in slower trade since businesses in China - the world's No. 2 economy and the port's primary trading partner - close for a week or more to observe the holiday. The impact on the port is seen two weeks afterwards, accounting for the time it takes vessels to cross the Pacific."
In addition, February 2016 was the highest-volume February in the port's history, according to American Shipper.
Overall, loaded import containers at the Port of Long Beach this February reached 249,759 TEU, while loaded export containers totaled 119,811 TEU, year-over-year declines of 15.6 per cent and 2.6 per cent, respectively. Empty container volumes tumbled 9.7 per cent year over year to 128,742 TEU.
"The Lunar New Year holiday began January 28, almost two weeks earlier than in 2016," the port said. "The Lunar New Year typically results in slower trade since businesses in China - the world's No. 2 economy and the port's primary trading partner - close for a week or more to observe the holiday. The impact on the port is seen two weeks afterwards, accounting for the time it takes vessels to cross the Pacific."
In addition, February 2016 was the highest-volume February in the port's history, according to American Shipper.
Overall, loaded import containers at the Port of Long Beach this February reached 249,759 TEU, while loaded export containers totaled 119,811 TEU, year-over-year declines of 15.6 per cent and 2.6 per cent, respectively. Empty container volumes tumbled 9.7 per cent year over year to 128,742 TEU.
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