Cargo Worth 30 Trillion Won Tied Up at LA Port

Further Deterioration Expected in Port Logistics Situation

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] An analysis has been raised that the value of cargo trapped off the coast of Los Angeles (LA) due to bottlenecks exceeds 30 trillion won. There is also an increasing possibility that shipments may not be received within the year if waiting for the year-end shopping season in the United States.

On the 22nd (local time), American Shipper, a U.S. logistics specialized media, reported that the value of cargo on ships waiting offshore for unloading at the ports of LA and Long Beach is estimated at $26.2 billion (30.8 trillion won). These cargos are loaded on 85 container ships and cargo ships waiting to enter the port.

American Shipper stated that this estimate "is larger than McDonald's annual sales or Iceland's Gross Domestic Product (GDP)."

As the bottleneck at the ports of LA and Long Beach worsens, the time it takes for container ships to berth at the dock from the waiting area has reached 13 days.

American Shipper reported, "The average waiting time for container ships has increased by 65% compared to early September." As companies indiscriminately placed orders for products ahead of the year-end shopping season, these goods have arrived at the ports, creating a situation where timely processing is not possible.

American Shipper, citing data from the Southern California Marine Exchange, reported that a Chinese cargo ship carrying about 100 containers has been waiting at sea for more than five weeks since September 13.

Bloomberg News forecasted that with about 80 container ships currently waiting offshore of LA and more cargo ships departing from Asia, the bottleneck at the ports of LA and Long Beach is expected to worsen further.

Mario Cordero, director of the Port of Long Beach, said, "Delays in cargo unloading and bottlenecks will continue until the end of this year," urging U.S. consumers not to wait for the year-end shopping season such as Christmas but to purchase goods early.

This content was produced with the assistance of AI translation services.