The Georgia Ports Authority (GPA) now handles its highest national market share ever, according to the latest information from logistics data provider PIERS.
The port handles one out of every 8.8 loaded twenty-foot equivalent container units (TEUs) in the U.S., suggest the recent data.
“Our global economy is facing headwinds, but Georgia’s deepwater ports continue to deliver dependable performance to keep business thriving,” said GPA executive director Griff Lynch. “As the nation’s top gateway for American farm and factory exports, the port of Savannah serves as a hub for global commerce, linking every major ocean carrier calling the U.S. east coast with superior connections to road and rail.”
The port moved 11.4% of the nation’s loaded international containers for fiscal year 2023 through December, with more than two million TEUs.
GPA’s share of the U.S. container trade constituted an increase of 0.7%, equating to nearly 120,000 TEUs more than it would have moved at its previous market share.
GPA boosted its portion of U.S. container exports to 12.3% over the period spanning July through December 2022 – up 0.4% compared to the same period in the previous year.
Savannah’s share of the import market rose nearly three-quarters of a point to 11.1% for the fiscal year to date through December.
GPA is reporting February container trade at the Port of Savannah of nearly 395,000 TEUs. Last month was its second busiest February ever, after 2022 when GPA moved 460,400 TEUs.
Inflation, rising interest rates and high warehouse inventories are important factors in the container trade dip, port officials said. Compared to pre-pandemic numbers in February 2020, last month’s performance was an increase of 30,400 TEUs.
For the fiscal year to date through February, GPA has handled 3.8 million TEUs.
At the Port of Brunswick, trade in autos and heavy machinery increased 18.5% in February, or 8,227 units to 52,720 units of Roll-on/Roll-off cargo.
“Volume and market share trends show that despite a slowing economy, Georgia is outperforming the competition,” said GPA board chairman Joel Wooten. “Cargo owners and their logistics providers are mitigating uncertainty through the reliability and connectivity of our deepwater ports.”
Georgia’s deepwater ports and inland barge terminals support more than 561,000 jobs throughout the state annually, and contribute $33 billion in income, $140 billion in revenue and $3.8 billion in state and local taxes to Georgia’s economy. For more information, click here.