Port of Los Angeles container volumes hit an all-time high in August
Port of Los Angeles container volumes reached an all-time high in August as importers restored warehouses and retailers prepared for the upcoming holiday season, but officials cautioned that unregulated COVID-19 spread remains a danger to the economy.
Total volume increased 11.7% to 961,832.8 20-foot equivalent units (TEU) at the busiest U.S. gateway for ocean trade. In August, imports jumped 18%, while exports dropped 10.2%.
Based on the outcome of August and data indicating a continued strong recovery in September and October, the port's 2020 volume is now expected to fall by 9%, lower than the previous demand for a 15% drop.
"The future of the economy really depends on the future of the pandemic, and the path of the virus right now continues to be the biggest uncertainty," stated Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation.
Companies in the U.S. are struggling about how to prepare ahead. COVID-19 hotspots are spreading across the world and the pandemic will soon clash with the flu season, risking a nation struggling to get back to work.
To avoid being stuck with surplus inventory, retailers and other importers are taking a cautious approach.
One forecast released on Tuesday predicted that in at least a decade, growth in holiday sales in 2020 would be the most boring.
Maritime Business World