Port of NY & NJ Sees Cargo Dip in August 2023

Port of NY & NJ sees 21% YoY drop in cargo volume. Retailers tapping into overstock is a major cause.

Port of NY & NJ Sees Cargo Dip in August 2023
Image Source: New Jersey Business Magazine

The Port of New York and New Jersey witnessed a 21% year-over-year drop in its cargo volumes this August, bringing the total to 662,740 TEUs. This significant decline is attributed to U.S. retailers making use of their overstocked inventory, particularly as they prepare for the upcoming holiday shopping season. This inventory had accumulated due to the record cargo surges experienced over the past two years.

August 2023 in Comparison

  • 8.6% reduction in cargo volumes in August 2023 compared to July 2023.
  • July 2023 recorded volumes of 725,479 TEUs.
  • 3% decline in August 2023 cargo volumes compared to August 2019.
  • Positive note: By the end of August 2023, 2.7% more volumes were handled year-to-date than in the same period in 2019.

Source: Supply Chain Dive

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