The Georgia Ports Authority saw container volumes in March of 367,880 twenty-foot equivalent container units, compared to 444,690 TEUs in the same month last year, according to the company's release.
An important factor in current trade volumes are reduced orders from large general merchandise retailers, as the companies work through overstocked inventories. Additionally, rising interest rates and reduced buying power caused by inflation have exerted downward pressure on consumer spending.
Business continues to shift to Savannah from the West Coast as more cargo owners decide on a “four corners” approach to cargo movement. As new customers discover the ease of doing business on the East Coast, many are increasing the percentage of their total trade routed through Savannah.
GPA now handles one out of every 8.8 loaded twenty-foot equivalent container units in the U.S., its highest national market share ever.