The Port of Gothenburg has defied the economic slowdown with strong cargo growth, according to its cargo volume report for the first half of 2023. Despite the ongoing global and domestic economic challenges, the port has maintained high volumes across most cargo segments.
The Swedish export industry has played a significant role in this outcome, delivering consistent performance. While there was a dip in imports during the first quarter, reflecting reduced purchasing power and increased caution in Sweden, import volumes have gradually stabilized during the spring and summer months. Looking ahead to the autumn season, further recovery is expected on the import side, while exports will continue to face pressure.
The Port of Gothenburg handles over half of Sweden’s container transports, with the majority of them passing through APM Terminals’ container terminal. Despite the economic slowdown and factors such as increased interest rates and inflation, the port has seen an increase in the number of handled containers. In the first half of 2023, a total of 446,000 twenty-foot equivalent units (TEUs) were handled, representing a 3 percent increase compared to the same period in the previous year.
Although the port’s increasing volumes are a positive sign, it is important to note that the Port of Gothenburg is gaining market share from other ports. Therefore, these increased volumes may not necessarily reflect the current economic conditions, even though they generally serve as a good indicator.
Rail transportation plays a vital role in the port’s operations, with approximately 60 percent of containers transported to and from inland destinations being moved by rail. However, maintenance work on Sweden’s railway infrastructure during the first half of the year, coupled with limited opportunities for extra trains, resulted in a 9 percent decrease in rail-borne containers compared to the record year of 2022.
On a positive note, the handling of vehicles at the Port of Gothenburg witnessed a 12 percent increase during the first half of the year. Both imports and exports in this segment are rising, solidifying the port’s position as Sweden’s largest vehicles port.
Intra-European ro-ro (roll-on/roll-off) volumes experienced a 6 percent decrease in the past half-year, primarily due to lower import volumes.
The cruise activity at Gothenburg Port is heading towards another record season, with over 90 scheduled calls. During the first half of the year, the number of cruise calls increased by 32 percent, and the number of ferry passengers also saw an 18 percent increase.
The handling of conventional dry bulk vessels at the port continued to rise, with a 5 percent increase compared to the first half of 2022. This growth is primarily driven by the export of forest products and building materials.
However, the handling of energy products in the port witnessed a 12 percent decrease compared to the same period in the previous year. Factors such as investment and maintenance stops at refineries, along with an unfavorable storage market, contributed to this decrease.
Overall, the Port of Gothenburg has managed to maintain high volumes across various cargo segments, defying the economic slowdown. The port’s resilience can be attributed to the performance of the Swedish export industry and its competitive position in the market. While challenges remain, the port is optimistic about the recovery of import volumes and the continued growth of exports as it moves forward.
