The Port of Savannah’s cargo volumes fell 4% year over year in December as companies continue to work through inventory issues.
“Higher inflation rates and interest rates slowed consumer spending resulting in higher inventories in warehouses,” the Georgia Ports Authority said in a Jan. 30 press release.
The port handled 422,287 TEUs in December, roughly 18,000 fewer than the previous year. Although container volumes were down in Savannah, the state's automotive port — the Port of Brunswick — had a record year of 775,565 units in auto and machinery, a 15.6% YoY increase.
As auto volumes rise, the Georgia Ports Authority is increasing its investments in the Brunswick port. For example, the port operator is spending $262 million to expand Colonel’s Island Terminal, which serves auto and machinery processing. The project will enable auto manufacturers to meet their growing import and export needs and offer flexibility in their storage and movement of vehicles during seasonal cycles, according to the press release.
Besides the expansion, there are also three new warehouses being built and new processing centers to be finished later this year at the same terminal in Brunswick, according to a Dec. 5 press release.