The Georgia Ports Authority (GPA) recorded a container throughput of 367,880 TEU in March, compared to 444,690 TEU in the same month last year.
This represents a 17.3 per cent year-on-year decrease.
The GPA has reported that rising interest rates and reduced buying power caused by inflation have exerted a downward pressure on consumer spending.
There has also been reduced orders from large general merchandise retailers as companies work through overstocked inventories.
READ: GPA nears 6 million TEU for 2022
Despite this dip, the GPA believes that business will continue to shift to Savannah from the West Coast as more cargo owners decide on a “four corners” approach to cargo movement.
The GPA’s optimism is predicated on the recent trade shift to the East Coast after a number of issues suffered by West Coast ports saw importers redirecting their cargo to eastern ports in the US.
Late last year, the GPA board approved renovation and realignment of the docks at the Port of Savannah’s Ocean Terminal in a bid to expand container operations.
The GPA now handles one out of every 8.8 loaded TEU in the US, its highest national market share ever.