Cargo throughput at the Port of Los Angeles (Port of LA) dropped again in July after recording its "best month so far for 2023" in June as global trade continued to ease and destocking continued.

Port of LA moved 684,291 Twenty-Foot Equivalent Units (TEUs) in July as cargo shipments declined compared to last year's record month.

Last month's performance was also significantly lower than the 833,035 TEUs in June, which was the port's best performance since July 2022.

"Global trade has eased as warehouse inventories of retailers and manufacturers remain elevated," said Gene Seroka, executive director at Port of Los Angeles.

"American consumers are continuing to spend and are likely to find more discounted items this year as we move into fall fashion and year-end holiday season."

For July 2023, Port of LA reported that loaded imports landed at 364,208 TEUs, down 25% compared to the previous year.

Loaded exports came in at 110,372 TEUs, showing an increase of 6% compared to last year.

With the need for empty containers in Asia slowing, just 209,710 empty TEUs were processed, a 39% year-over-year decline.

The port added that combined, July volumes were 684,291 TEUs, a 27% year-over-year decline.

Seven months into 2023, the Port has processed 4,821,670 TEUs, about 24% less than the same period last year.