WASHINGTON: Imports rose more than 75% at the Port of Oakland in January, signaling the West Coast has recovered much of its normal volume a year after many businesses diverted cargo to other ports amid widespread delays.
The Port of Oakland imported 77,637 twenty-foot equivalent units, a standard measure for container cargo, in January, up from 44,171 in the same month last year, the port said. Oakland imported 72,469 containers in January 2014.
Oakland was the first major U.S. port to report its January monthly volume, but the rise in imports is in line with retailer estimates. On Tuesday, a National Retail Federation report estimated that retail imports at the nation’s major ports would grow 18.3% in January, relative to the same period last year. The growth is particularly high because of last year’s congestion on the West Coast. February will likely continue that trend, the NRF said.
Port officials in Oakland also attributed the bump in volume to importers stocking their shelves ahead of the Lunar New Year on Feb. 8, a major holiday in Asia during which factory production slows significantly.
Oakland also reported export growth of nearly 17% year over year for January. Exports haven’t rebounded as quickly as imports because the strong dollar is making U.S.-produced goods more expensive for foreign buyers.
The port handled 67,272 full export containers in January, which, aside from January and February of last year, is one of the worst months the port has seen for exports in years. The nationwide downward trend in export trade has been attributed to the strength of the U.S. dollar paired with weak foreign economies.
One of Oakland’s five container terminals is set to close down in mid-March. The port has said it plans to keep the same volumes moving through its four remaining operational terminals. However, that could create congestion as more trucks attempt to navigate a smaller area, analysts say.
