Port of Oakland reported another slow month for cargo traffic moving 153,837 TEUs in February, translating to a decline of 20.9% compared to the same month last year.
According to the statement, domestic inventories stay high, as retail sales dropped in February, reducing cargo numbers at US West Coast ports. A strong dollar is also impeding export volumes. When retail regains its footing, the Port of Oakland wants to be ready to transport cargo effectively.
Full imports dropped 32% in February 2023, with 58,073 TEUs moving through the Port compared to 85,286 TEUs the previous month.
One cause of the low traffic is that West Coast ports are losing market share to ports on America’s East and Gulf Coasts.
Full exports fell 10.6% in February, with the port processing 55,741 TEUs compared to 62,334 TEUs in February 2022. Exports have been declining since 2020. Tariffs placed by the United States and China, as well as China’s limitations on recycled materials, which are Oakland’s biggest product, sparked the decline.
Exports continued to fall during the epidemic due to product supply chain delays and a shortage of empty vessels.
Source: Container News