By Alejandra Salgado of SupplyChainDive
Cargo volumes on the Port of New York and New Jersey fell 21% YoY to 662,740 TEUs in August because the seaport adjusts to decrease retail volumes.
“Ahead of preparation for the holiday shopping season, U.S. retailers continued to draw from their overstock of inventory that was delivered during the record cargo surge over the past two years,” the port said in a press release.
The port additionally noticed cargo exercise drop 8.6% in comparison with July 2023 figures, when volumes reached 725,479 complete TEUs. Compared to pre-pandemic figures, the East Coast port noticed volumes fall 3% in comparison with August 2019.
Despite the comparative declines, the port authority mentioned the seaport had dealt with 2.7% extra volumes year-to-date by August than it did in 2019.
Cargo volumes by the numbers
Container volumes processed on the Port of New York and New Jersey in August 2023