For the third consecutive month, cargo volume at the Port of Los Angeles increased in May, with the Port handling 779,140 Twenty-Foot Equivalent Units (TEUs) for the month.

While still 19% below the year-on-year level seen in May 2022, the port noted that last month's cargo volumes represent a 60% increase in cargo since February.

"Even with improving volume, our terminals are a long way from working at full capacity," said Gene Seroka, executive director at Port of Los Angeles, during a media briefing on Tuesday.

"We're starting to see more vessels headed across the Pacific to Los Angeles, an encouraging sign for the second half of the year," he added.

Seroka noted that a completed labour contract between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (MA) — along with a healthy US economy — would boost waterfront jobs and cargo activity in the remainder of 2023.

For the month, loaded imports reached 409,150 TEUs, down 18% compared to the previous year. Loaded exports, meanwhile, came in at 101,741 TEUs, a decline of 19% compared to last year.

Port of LA said empty containers stood at 268,249 TEUs, a 22% year-over-year decline.

Seroka said during the first five months of 2023, the port handled 3,304,344 TEUs, a 27% decline compared to the same period in 2022.