For the month of October, the most recent U.S. Census Bureau data, the Port of Log Angeles ranked … [+]
The Port of Los Angeles was the nation’s top-ranked port for the second month in a row and the third in the last four, according to U.S. Census Bureau data released yesterday for October.
For 20 of the 21 months that preceded July, when the Port of Los Angeles first reclaimed the top spot, Port Laredo had ranked first.
Prior to September of 2022, when Port Laredo first captured the top ranking, the Port of Los Angeles had ranked first for all but five months in the preceding 20 years and almost certainly longer.
The only exceptions were three months at the height of the Covid-19 pandemic, first Port Laredo and then JFK International Airport rose to the top and two months at the tail end of 2021, when Chicago’s O’Hare International ranked first.
What allowed the Port of Los Angeles to recapture the top spot?
The most common conjecture is that importers began stockpiling inventory in the summer as it became apparent that Donald Trump could reclaim the presidency and, if he did, increase tariffs as promised on China. Another factor would almost certainly be inflation during the months when holiday-related trade increases.
Whatever the cause or causes, the $30.98 billion recorded by the Port of Los Angeles in two-way trade in October set a new monthly U.S. record, breaking the record it had set one month before.
On a year-to-date basis, Port Laredo remains the nation’s top-ranked port, with $284.91 billion in two-way trade to $276.53 billion for the Port of Los Angeles. That margin, $8.38 billion, is less than the $26.18 billion difference in at the same 10-month period in 2023. Port Laredo went on to rank first on an annual basis for the first time in 2023.
For the year, U.S. trade is at $4.43 trillion through October, a 3.69% increase over the same period last year and 0.63% below the first time months of 2022, when the United States set a record for total merchandise trade.
Exports are up 2.28% while imports are up 4.95%. The U.S. trade deficit with the world increased to $984.29 billion, an increase of $89.26 billion over last year at this time but short of the record-setting pace of 2022, when it was $1.01 trillion.
Mexico is the nation’s top-ranked trade partner, followed by Canada and China. The nation’s leading exports are civilian aircraft and parts followed by oil and refined petroleum. The nation’s leading imports are passenger vehicles followed by oil and computers.
Both Port Laredo and the Port of Los Angeles are on track to set records for 2024 trade as is No. 3-ranked O’Hare International Airport and No. 9-ranked Port Huron Blue Water Bridge.
Rounding out the top 10 U.S. ports are No. 4, JFK, off its 2022 record; No. 5 Port of Houston, 2022; No. 6 Port of Newark, 2022; No. 7 Detroit Ambassador Bridge, 2023; No. 8 Los Angeles International Airport; and No. 10 Port of Savannah, 2022.
The top 10 U.S. ports accounted for 41.24% of all U.S. trade through October. the remaining 827 ports that have conducted trade through October accounted for the remaining 88.63%.
