GCTL8.com (FocusAsia Media Ltd)
LONG BEACH, Mar 9 (FAM) – Reduced economic activity in Asia associated with the Lunar New Year contributed to lower February container volumes at the Port of Long Beach. Overall, traffic totaled 498,311 twenty-foot equivalent units (TEUs), a decline of 11.2 percent compared to the same month last year, the highest-volume February in Port history. Cargo in February 2016 ballooned 35.9 percent year-over-year.
The Lunar New Year holiday began Jan. 28, almost two weeks earlier than in 2016. 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.