Cargo volumes at the Port of Oakland fell 15% YoY to 179,161 TEUs in August as demand from retailers, manufacturers and other shippers slowed down.
"This trend began in late 2021 and it appears that shippers still have not found the appropriate level of new shipments to match current demand," Port of Oakland Director of Communications Robert Bernardo told Supply Chain Dive in an email. "Exports continue to dip. We are optimistic that agricultural exports will pick up."
August volumes last year were a total of 211,123 TEUs. Volumes also dipped compared to July 2023, which saw a total of 181,555 TEUs — the port’s highest amount of cargo handled since November 2022.
Still the port is seeing other positive trends. "One encouraging trend we are seeing is the continued growth in vessel calls in 2023. This points toward better on-time performance of ships and less congestion on the dock and at inland warehouses," Bernardo said.
In addition, despite falling volumes, the Bay area port recently highlighted another positive indicator in a recent Economic Impact Study: The report shows the port saw near-full occupancy rates in its commercial real estate holdings, with tenant growing by 25.6% from 2017.