Total intermodal volumes fell 7.1% year-over-year in the third quarter of 2023, according to the Intermodal Association of North America.
While domestic container originations grew 1.6%, loadings of international containers contracted 13.2 %, and trailers continued to fall, this time 23.3%.
“The picture improved for domestic containers, but slower demand for goods, still high inventories, and a competitive freight environment continued to check intermodal volumes in the third quarter,” said Joni Casey, CEO of IANA, in a statement. “We are starting to see signs though, for a turnaround next year.”
All but two of the seven highest-density trade corridors, which collectively handled more than 60% of total volume, were down in the third quarter.
The region results are as follows:
- Intra-Southeast corridor was up 5.6%
- Midwest-Northwest climbed 3.5%
- Trans-Canada dropped the most, 16.6%
- Midwest-Southwest declined 9.4%
- South Central-Southwest, 9%
- Southeast-Southwest, 7%
- Northeast-Midwest held its losses to 1.3%.
Total IMC volume fell 28.7% year-over-year in Q3, with intermodal down 12.1% and highway traffic down 36.7%.