PGL Weekly Update 3-17-23

February still busy for Georgia Ports despite year-over-year, sequential dips

Despite the headwinds of inflation, rising interest rates and high warehouse inventories, the Georgia Ports Authority said it had its second-busiest February ever.

February container volumes totaled nearly 395,000 twenty-foot equivalent units, down from 460,400 TEUs in February 2022 but still 30,400 TEUs higher than pre-pandemic February 2020, GPA said Tuesday.

However, February’s volumes of 394,793 TEUs were also 6% lower than January’s volumes of 421,714 TEUs. January’s volumes also marked a year-over-year decline, with weather and reduced orders in retail and manufacturing contributing to less cargo.

Retail Sales Slip 0.4% in February After January’s Burst

NEW YORK — America’s consumers trimmed their spending in February after a buying burst in January, underscoring the volatility of the economic environment.

The government said March 15 that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales. Retail sales were down in November and December, the critical holiday period.

The February retail sales figure was weighed down by a 1.8% drop in auto sales as well as declines at restaurants and stores selling furniture and clothing. Excluding autos, sales slipped 0.1% from January, according to the Commerce Department.

Sales at furniture stores fell 2.5%, while business at restaurants declined 2.2% in February from January. Sales at department stores slid 4%. But shoppers spent more online and at electronics stores, health and beauty stores and food retailers, according to the report.

Trade slows at Port of Long Beach

Cargo moving through the Port of Long Beach slowed in February due to full warehouses, reduced consumer spending, and the closure of east Asian factories during the Lunar New Year holiday.

Dockworkers and terminal operators moved 543,675 twenty-foot equivalent units (TEUs) last month, down 31.7% from February 2022, which was the Port’s busiest February on record. Imports declined 34.7% to 254,970 TEUs and exports decreased 5.9% to 110,919 TEUs. Empty containers moving through the Port were down 38.3% to 177,787 TEUs.

“Trade continues to normalize following the record-breaking cargo numbers we saw at the start of last year,” said Port of Long Beach Executive Director Mario Cordero. “We are investing in infrastructure projects that will keep us competitive as we collaborate with industry stakeholders to focus on trade volume.”