Container Imports to Los Angeles and Long Beach Are Plummeting

Port of LA imports haven’t been this low in September since 2009

(Greg Miller) September is usually a strong month for West Coast imports as U.S. companies bring in their year-end holiday goods. Not so in 2022.

On Wednesday, the Port of Los Angeles reported its lowest import total for September since 2009, amid the Great Recession. The day before, the neighboring Port of Long Beach posted its weakest import total for September since 2016.

Imports to Southern California ports are falling fast because shippers have shifted volumes to East and Gulf coast ports, fearing disruptions from West Coast port labor negotiations. Simultaneously, volumes are now pulling back nationwide due to falling demand.

Holiday imports ‘dropped precipitously’

“In the month of September is where the real story lies,” explained Gene Seroka, executive director of the Port of Los Angeles, during a news conference on Wednesday. 

Earlier this year, imports of durable goods bought heavily during the pandemic — furniture, appliances, etc. — began pulling back. In September, declines were heavily driven by reductions in holiday goods, as well.

“September is traditionally a high-volume month for end-of-year products,” said Seroka. “Think toys and games, clothing, footwear and other products. Those holiday gift items dropped precipitously compared to last September, mainly because they came in earlier. This year our peak season was in June and July, as savvy importers moved up the arrival of these goods to bring some certainty back to when they could get to market.”

Commenting on the shift to East and Gulf coast ports, Seroka said “concern over the dockworkers labor contract negotiations [was] a major factor contributing to volume declines.” He believes the shift “is likely to continue until a West Coast labor contract is in place — and that can’t happen soon enough.” The previous contract expired July 1.

Asked by American Shipper how October’s volumes are shaping up versus September’s, he said they will be “probably about the same or a little bit lighter. It’s going to be a soft October.”

LA September imports down 15% vs. August

The Port of Los Angeles reported total throughput of 709,873 twenty-foot equivalent units in September, down 21.5% year on year (y/y). Exports came in at 77,680 TEUS, up 2.6% y/y, while empties totaled 288,731 TEUs, down 19.8% y/y.

Loaded imports to Los Angeles totaled just 343,462 TEUs, down 26.6% y/y. Imports fell 15.1% sequentially versus August, following a 16.7% drop in August versus July.

Los Angeles’ imports reached their highest level this year in May. September imports were down 31.3% compared to that month. Imports in September were the lowest for any month since May 2020, when the U.S. was in the midst of COVID-19 lock downs.

Long Beach September imports down 11% vs. August

The Port of Long Beach reported total throughput of 741,823 TEUs for September, down 0.9% y/y. Exports came in at 112,940 TEUs, up 1.9% y/y, and empties totaled 286,212 TEUs, up 7% y/y.

Long Beach handled 342,671 TEUs of imports in September, down 7.4% y/y and down 10.9% sequentially versus August. As in Los Angeles, Long Beach’s imports peaked this year in May. September was down 27.5% from that high. Monthly imports have not been this low since June 2020.

Port of Long Beach Executive Director Mario Cordero blamed the import decline on consumer and retail concerns about inflation, “leading to warehouses filled with inventory and fewer product orders from Asia.”

Fewer ships being worked at berths

The focus during the supply chain crisis was on the massive number of container ships at anchorages or loitering offshore as they waited for berths in Los Angeles or Long Beach. Statistics from the Marine Exchange of Southern California show a steep drop throughout this year, from a high of 109 waiting container ships Jan. 9 to just four on Wednesday, the lowest number since October 2020.

The Marine Exchange also collects data on the number of container ships at the berths in the two ports. This data also shows a major — and more recent — change.

As the supply crisis intensified, there were often over 30 ships at the two ports’ berths each day. Between August 2021 and February 2022, there were an average of 28.8 container vessels alongside in Los Angeles and Long Beach daily.

In recent weeks, however, the numbers have sunk to much lower levels. The average from Sept. 1 through Tuesday was 19 ships alongside, down over 30% from peak levels. There were 18 ships at the ports’ berths Tuesday. There were only 10 ships alongside on Sept. 12.

This is getting closer to pre-COVID levels. The average number of ships at the ports’ berths daily in full-year 2019 was 14.8.

Source: by Greg Miller | American Shipper


The Economy and Markets

10/23  Poor nations face peril over elusive G-20 debt relief push – Reuters
10/23  401(k) contribution limit leaps by record amount as inflation rages – ZH
10/23  The recession in the productive sector is here – Mises
10/23  Illinois now has the worst unemployment rate in the nation – Wirepoints
10/23  UK can’t shake Pound negativity after weeks of political chaos – Y
10/23  The global inflation outlook – Zero Hedge
10/22  Margin debt is still far from calling a bottom for stocks – Wolf Street
10/22  IRS contribution limits for 401k, IRA accounts rises for inflation – Axios
10/22  ‘Doctor doom’ predicts worst crisis in half-century – RT
10/21  An often-overlooked economic measure signals serious trouble ahead – CNBC
10/21  Mid-terms Poll: 90% of voters are worried about economy and inflation – ET
10/21  Japan’s inflation hits 8-year high in test of BOJ’s dovish policy – Reuters
10/21  Japan inflation hits 3%, first time since 1991 excluding tax hike impacts – Y
10/20  Fed’s beige book shows resilient companies, cracks emerging – Yahoo
10/20  Cracks in the world economy are starting to show – ZH
10/20  Rates moving too high could have ‘nonlinear’ impact on US economy – Reuters
10/19  Three Hidden Words From Fed Insiders Point to Much Higher Rates – BB
10/19  Yield curve, and Economists, are increasingly certain of recession – Axios
10/19  Social Security increase for inflation could lead to more inflation – Schiff
10/19  Britain’s banks brace for potential government raid on profits – Yahoo
10/19  Soaring food prices push UK inflation back to 40-year high – Reuters
10/18  Oil Drops as Biden’s Emergency Crude Release Quells Supply Fears – BB
10/18  UK PM Truss faces serious pressure to resign after failed budget – CNBC
10/18  Forecast for US Recession Within Year Hits 100% in Blow to Biden – BB
10/18  Trader tip – No matter what you hear, wait for this buy signal – TT
10/17  UK’s Hunt says he will raise $32B pounds more in tax – Reuters
10/17  Hunt drops what’s left of Truss plan to save UK credibility – Yahoo
10/17  Morgan Stanley: trouble in the kingdom is just starting – Zero Hedge
10/17  UK FM seeks to stem bond rout by rushing forward tax plan – Reuters
10/17  Goldman Trader: “this reminds me of 2008” – ZH
10/16  Average number of credit card transactions per day & year – CR
10/16  UK’s truss fights for job, new FM “she made mistakes” – R
10/16  Tesla shares get halved – WS
10/15  Buckle Up: the entire $600T derivatives market is beginning to unwind – KWN
10/15  Consumer spending was flat in September, below expectations – CNBC
10/15  Wall St drops as consumer data stokes inflation worry – Reuters

Real Estate Bubble

10/22  Housing Bubbles in Canada: prices plunge at fastest on record – Wolf Street
10/21  Multi-family buildings v. single-family houses construction – Wolf Street
10/21  “We’ll continue to see double-digit declines in home sales” – CNBC
10/21  Home sales plunge, prices drop 7% in 3 months – Wolf Street
10/20  Existing home sales fall to a 10-year low in September – CNBC
10/20  Why mortgage rates are soaring – Axios
10/20  Multigenerational Hispanic households feel rising economic pressure – CNBC
10/19  California Home Sales Drop 30% as Higher Rates Hit – BB
10/19  Housing Bubble Woes: Plunge in buyer traffic & homebuilder confidence – WS
10/19  Mortgage demand drops to a 25-year low, as interest rates climb – CNBC
10/18  Homebuilder sentiment drops to half of what it was six months ago – CNBC
10/18  Home builder confidence falls for record 10th straight month – BB
10/17  Mortgage trigger rate risk heightened if rates stay higher for longer – Y
10/17  China could see more state-led developers in property sector – CNBC
10/16  This chart reveals U-turn in the housing market – MW
10/14  Mortgage rates hit 20-year high at nearly 7% – Axios
10/13  China’s bursting housing bubble will rock the economy for years – Yahoo

Precious Metals and Mining Stocks

10/21  Krauth: “You want to be buying silver at $18” – Kitco
10/21  The Uber bull case for gold – Goldfinger
10/20  Free markets’ last stand – GM
10/20  James Turk: Gold as natural money – Mises
10/18  Solid physical demand for gold and silver tells prices going up – Kitco
10/18  Uranium miners surge on german nuclear plant news – Kitco
10/13  Rio Tinto’s aging Quebec plant gets $374M upgrade – Mining
10/13  USD is not letting gold go as Yellen endorses Greenback’s rally – Kitco
10/13  VIDEO: deep-sea miner stock jumps after first seafloor collection since 1970s – Mining

Monetary Madness, Cryptos & Currency Wars

10/22  The real trade war with China has begun – Yahoo
10/20  Yen hits 150, Pound gains as Truss resigns – Reuters
10/19 When Whiteboard Economics Collides with Reality – Bombthrower
10/19  Gold price to find its luster again by Q2 of 2023 – Kitco
10/19  Walmart CTO predicts crypto a major disruptor in the payments – Kitco
10/18  South Africa confirms Saudis join BRICS Alliance with China and Russia – GP
10/17  Bitcoin Oct.17 chart alert – back in a sideways trading range – Kitco
10/17  Bitcoin could fall to $6k as crypto winter intensifies – Kitco
10/16  Ether becomes deflationary for first time since the merge – CD

Sanctions, Shortages & Supply Shocks

10/23  South Africa’s Eskom to implement ‘stage 4’ power cuts – Reuters
10/23  Energy crisis could drag 26M Brits into fuel poverty – OP
10/23  Saudi Arabia launches bid to attract $10B in supply chain investment – R
10/22  U.S. oil exports to france fall to zero amid refinery strikes – OP
10/22  40 Volcanoes are erupting right now, and 34 along the ring of fire – BIN
10/20  VIDEO: Bill Gates says European energy crisis is “good” – SN
10/20  Russia will terminate gas supplies if price cap is implemented – Oil Price
10/20  California reservoirs dropping fast; LA approaching zero day for water – NN
10/20  Tens of thousands of salmon are boiling to death in BC – SS
10/18  Disgraced FBI official declares ‘9/11 is nothing compared to Jan 6th’ – ZH
10/18  Ukraine latest: 30% of power stations destroyed, strikes resume – Y
10/18  First images of Nord Stream reveals 50M missing section of pipeline – ZH
10/17  66 large fires burn in US: Washington state evacuates thousands – Axios
10/17  New chip ban accelerates US decoupling from China – ET
10/16  Soaring dollar leaves food piled up in ports as world hunger grows – GC
10/16  China chip ban a US exercise in extreme self-harm – AT
10/16  Power cuts threaten capital; Musk shifts course – Y
10/14  Lake Mead water crisis is exposing volcanic rock – SS
10/13  Video: Mississippi river reduced to creek – DM

FED-up & Underfed: Inflation from Too Much Money & Too Few Goods

10/22  Fed officials expect debate on rate peak and when to slow hikes – Yahoo
10/22  Fed’s Daly: time to start talking about slowing rate hikes – Reuters
10/21  Stocks spike after WSJ ‘Fed whisperer’ hints at pause/pivot – ZH
10/19  Poll: ECB to go big again on Oct. 27 with 75 bps rate hike – Reuters
10/19  Fed Can’t Pause Rate Hikes With Core Inflation Accelerating – BB
10/16  Fed defending dollar no matter what crashes – USAW
10/11  BOE expands bond buying program to end “fire sale” – ZH
10/10  Powell set to rebuff pressure on Fed as Finance Chiefs gather – Y

War and Civil Unrest

10/23  China’s CPC congress passes resolution, speed up ‘Taiwan reunification’ – ZH
10/21  America’s military inventory being gutted – NN
10/21  Western nations speed up prep for Ukraine arms transfers before winter – LI
10/21  Major undersea communications cable cut off southern France – HTR
10/20  What happens if a nuke falls on NYC? – DM
10/20  Russian aircraft fired a missile near British plane over the Black Sea – DM
10/20  Russian fighter jet ‘released missile’ after British spy plane intercept – ZG
10/19  Russia: “no point” to continued diplomatic presence in the west – HTR
10/19  Japan rushes to rearm – Reuters
10/19  Mysterious GPS disruptions spread in Texas near fort hood – ZH
10/17  Russian-led alliance starts military drills – RT
10/17  Dems move to transfer Air Defense systems from Saudi’s to Ukraine – SN
10/17  German health minister warns of hospital closures – RT
10/17  Nato starts nuclear drill “steadfast noon” with 60 aircraft, B-52s – HT
10/17  Russia launches deadly new attacks on central Kyiv – YT
10/17  Russian drones attack Ukraine’s Kyiv; intense fighting in East – Reuters
10/17  Global tensions rise over russia and ukraine – what happens next? – TT
10/16  US rejection of Moscow’s offer for peace talks is utterly inexcusable – GR
10/16  West prepping nuclear crisis plans – UK media – RT
10/16  China can now deploy hypersonic nukes on its carriers – AT
10/15  Russia moves nuclear-capable bombers within 115 miles of NATO borders – HTR
10/15  Ukraine To Receive HAWK, Aspide Surface-To-Air Missiles From Spain – Drive

Politics, Authoritarianism and Censorship

10/23  Boris Johnson battling to win support for UK PM comeback bid – Reuters
10/23  Judge orders Fauci, Biden officials to be deposed in SM collusion case – DM
10/23  New book details how Beijing manipulated western elites – ET
10/22  Lara Logan… DOJ tried to hide this Jan.6 video… – Citizen
10/22  Stunning video from China… – Citizen
10/22  Trump issued subpoena by Jan. 6 capitol riot probe committee – CNBC
10/22  ‘Peaceful modernization’: china’s offering to the global south – TC
10/22  45 days as pm qualifies truss for $129,000 a year for life – ZH
10/22  Republicans sue google claiming spam filter blocks email – Axios
10/21  Documents detail plans to gut 75% of Twitter’s workforce – MSN
10/21  Bannon responds after being handed 4 month sentence – ZH
10/21  Recording shows RCMP Commish pressured officers over political concerns – TS
10/21  OPP saw no evidence Freedom Convoy posed direct threat – NP
10/21  CSIS found no foreign actors funding the convoy protests – GM
10/21  The big reveal: Xi set to introduce China’s next standing committee – Reuters
10/21  What really just happened in the UK… – ZH
10/21  Dutch Gov. to seize 600 farms at gunpoint – NN
10/21  19 states to investigate banks for ESG-style commitment to UN alliance – ET
10/20  British government in “utter chaos” – HTR
10/20  Liz Truss odds: the front-runners to replace the prime minister – Y
10/20  UK’s Truss says she will resign as PM – Reuters
10/20  Why some African countries are abandoning Paris, joining Moscow – MPN
10/19  Just 9% of Americans think democracy is working extremely well – Axios
10/19  Embattled UK PM Liz Truss says she’s a fighter not a quitter – CNBC
10/19  Fed Watch: When they call for the bailiff you know you’re winning – TL
10/18  Biden admin to announce another 15M barrel SPR release before midterms – ZH
10/17  Steve Bannon should get 6-month prison sentence – A
10/17  The New York Times has been friendly to Nazis for 80 years – MPN
10/15  Video: Breaks down the banking industry’s plan to fine free speech – IW
10/14  Tulsi Gabbard there is an ‘imminent threat’ of ‘world war iii’ – DM
10/14  Jan. 6 committee unanimously votes to subpoena Trump – Axios
10/14  China’s 20th communist party congress: what you need to know – Reuters

Covid Craziness, Pox, and Pestilence

10/23  Switzerland to destroy 14 million expired covid-19 jabs – SS
10/22  CDC director Rochelle Walensky is infected… She is 5x boosted… – Citizen
10/21  80 young Canadian doctors ‘died suddenly’ in past 2 years – CN
10/20  Ukrainian utilities encourage energy rationing after Russia attacks – Axios
10/20  CDC will vote Thursday to permanently shield Pfizer and Moderna – Dossier
10/20  Moderna CEO admits Covid like seasonal flu, only vulnerable need jabs – SN
10/19  Fauci on COVID school shutdowns: ‘i had nothing to do with it’ – Epoch Times
10/19  Scientists just engineered a covid strain with an 80% kill rate… – Daily Bell
10/17  Florida OBGYN sounds the alarm… 50% jump in infertility and miscarriage… – C
10/17  Uganda announces lockdown as ebola cases rise – CNN
10/17  The 150 Bilderbergers who influenced and controlled response to Covid-19 – T
10/15  Federal government extends COVID -19 public health emergency – ZH
10/15  Fauci edited paper by NIH-funded group tied to Wuhan Lab – ZH
10/15  Moderna CEO confirms new MRNA ‘injection’ to repair heart muscles – ET
10/13  FDA authorizes COVID -19 omicron booster for kids – Axios

Self-Reliance, Health and Prepping for Survival

10/17  Surviving a nuclear attack – YT
10/12  Urban Survival vs. Rural survival: a warning from Selco – OP
10/10  Prepping is not a game for this mom… – Citizen

The Art of Collapse

10/23  See 1969 memo of radical population control ideas now in place – WND
10/23  New staggering numbers from Biden’s border crisis show record highs – DW
10/22  Miss France Beauty Pageant sued for selecting based on appearance – Telegraph
10/21  Stacey Abrams suggests having an abortion as solution to inflation – Fox
10/21  UK Supermarket plans to sell bugs as food to help poor through winter – SN
10/20  Weed is coming to Circle K gas stations in US next year – MSN
10/18  VIDEOS: Hundreds of parents protest gay porn books at school meeting – SN
10/18  Biden’s border strands thousands of penniless Venezuelan migrants – BB
10/18  Preacher locked up for no reason! We urgently need your help! – YT
10/18  Virginia Dem wants to criminalize parents who “misgender” their children – SN
10/18  Aurea: first baby in world to be ‘selected’ after genetically screened – DM
10/18  WATCH: Chaos in Minn. as crowds brawl, street race, harass police horse – BB
10/17  Democrat chokes man at Pfizer event… gets tossed like a rag doll… – C
10/17  Con, Muslims join forces with Christian right on Michigan book bans – G
10/17  Dem Portland mayor to propose plan to build 3 mega homeless ‘campuses’ – BB
10/15  More National security threats come from domestic left-wing extremists – ET
10/14  PayPal appears to be desperately offering bribes of $15 – SN
10/14  Social Security COLA for 2023 biggest since 1981 – Wolf Street
10/14  F**k Paypal – SN
10/13  VIDEO: Biden “proud” of Hunter when asked about possible charges – SN
10/13  Social security benefits to jump 8.7%, biggest increase in 40 years – Axios

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