Upcoming Lunar New Year holiday pushing ports to new highs
Consumer demand continues to push U.S. ports to new limits.
Why it matters: The Port of Los Angeles is on track to process a record number of containers this year, based on estimates of about 812,000 units handled in November.
What they're saying: "What we're seeing is a push before an early Lunar New Year," Gene Seroka, executive director of the Port of Los Angeles, said Wednesday.
Context: Many factories and companies in Asia shut down for weeks to celebrate the holiday, which starts Feb. 1.
With record demand comes record docking and processing times.
- About 101 ships are waiting to come into Southern California ports as of Tuesday, per the Marine Exchange of Southern California.
The big picture: "This holiday shopping season is longer than many we can remember in the past, and we'll still see a very strong end to 2021," said Seroka.