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Port of NY & NJ sees 21% YoY drop in cargo volume. Retailers tapping into overstock is a major cause.
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
Source: Supply Chain Dive
Cargo volumes at the Port of New York and New Jersey fell 21% YoY to 662,740 TEUs in August as the seaport adjusts to lower retail volumes.
— SLOWLY & SUDDENLY (@hodlinglove) October 3, 2023
It’s happening. There is a drip drip drip in the news.
Buckle down folks. I went through 2008 and it was a wild ride.
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