Cargo traffic at the North Sea Port, which includes the Belgian port Ghent and the Dutch ports Terneuzen and Vlissingen, has fallen for the first time in two years as a result of the war in Ukraine and subsequent trade sanctions, according to figures released on Thursday.
In the first quarter of 2023, the North Sea Port recorded 17 million tonnes of cargo in maritime traffic, down 4% compared to the same period last year.
It is worth noting that the port experienced a record year in 2022, largely as trade sanctions led companies that massively import raw materials, like coal to heavily replenish their stocks so as not to run out of raw materials. This created an artificial spike in cargo traffic.
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The Russian-Ukrainian conflict weighed on seaborne cargo traffic in the last quarter. “This is the first decline in more than two years,” the port explained. “EU sanctions against Russia have put pressure on the shipping market.”
