Full imports down 17.4%, full exports down 12.3%, but port congestion eases
From The Port of Oakland News:
The Port of Oakland’s container volume dropped in the month of November. Both full imports and full exports are down compared to November 2021, as well as below October 2022 volumes.
Total loaded container volume declined 15% in contrast to November 2021, recording 131,929 loaded TEUs (twenty-foot containers), compared to 155,252 TEU’s in November 2021. Full imports decreased 17.4% over November 2021 volume.
The port handled 68,646 TEU’s in November 2022, compared to 83,097 TEU’s in November 2021. In October 2022, 79,459 TEU’s passed through the port.
Full exports were down by 12.3%, recording 63,283 TEU’s in November 2022 compared to 72,155 TEU’s in November 2021, and 66,408 in October 2022.
“This decline is not unexpected,” said Port of Oakland Maritime Director Bryan Brandes. “Despite October gains, long-term indicators continue to predict a decline in demand for goods. The good news is that the reduction of incoming containers has allowed us to begin alleviating congestion at port facilities, increasing efficiencies in port operations.”
With the weakening of demand, ocean rates continue to drop. Sailings continue to be canceled and the introduction of new services has been postponed.
As a result, the wait-time for berths is less than earlier this year, so ships are spending less time at Port of Oakland facilities. Terminal yards are also beginning to shed extra containers from their yards.
Empty container exports rose 75.6% compared to November 2021.
Link to Port of Oakland container volume data: https://www.oaklandseaport.com/performance/facts-figures/
Source: https://www.portofoakland.com/press-releases/port-container-volume-declines-in-nov/
