At the 2023 American Association of Port Authorities’ annual legislative summit, a panel of port executives gathered to discuss the performance of the first quarter and make predictions for the next three. While some executives mentioned specific areas of concern, the overall consensus was optimistic.
George Pasha IV, President and CEO of the Pasha Group, discussed how current port volumes are lower than usual, which he attributed to retailers overestimating and overbuying goods that are now stagnant due to low consumer spending. Pasha explained that this data makes it challenging to predict future import volumes. Nonetheless, port executives are optimistic that cargo volumes will rebound, and the second half of the quarter will see improvement.
A recent article by Freight Waves highlights the top concerns raised by the panel of port executives, who share a collective hope for the upcoming quarter. Click here to read the article.