The Swedish seaport's rail container traffic totted up to 123k twenty-footers (-3.9% year-on-year).

Ro-ro traffic also contracted: by 4.1% yoy to 141k units. On the other hand, more vehicles were handled: up 4.5% yoy to 70k.

Whereas liquid bulk handling declined by 13.2% yoy to 4.6mt, the turnover of dry bulk advanced by 22.7% yoy to 108kt.

With 231k travellers, Gothenburg's ferry passenger traffic was up 24.9% on the Q1 2022 result.

"One of the things we are traditionally proud of in the Port of Gothenburg is our import/export balance, which in normal circumstances is close to 50-50. It provides an efficiency that means that an import container that is emptied quickly can be loaded with export goods and vice versa," Elvir Dzanics, Gothenburg Port Authority's CEO, commented.

He furthered, "Now we see a temporary imbalance in that relationship as the import of consumer goods such as clothing and consumer electronics decreases, upwards of 20% in the first quarter. During the pandemic, imports were a bit boosted. Swedish households had good finances and consumed products rather than experiences. Today, the situation is different, where Swedish households - which are highly leveraged with short maturities on loans - have been hit fast and hard by interest rate hikes and inflation. We expect to see continued low import volumes for some time to come, into the summer, while the adjustment of previously built inventories in retail and clothing takes place. That being said, import volumes are not historically low, but in line with the previous normal level just before the pandemic."

Dzanics also highlighted, "The Swedish export industry, however, continues to do very well in terms of volume. In total, we are, therefore, up 6% in handled container volume during the first quarter despite the decreased imports, which is quite fantastic. The weak Swedish krona helps, of course, but there is every reason to be extra proud of, among other things, the Swedish forest, vehicle, and engineering industries in times like these."

"If one is to find any further upside to the situation, the global logistics system has been in need of a breathing period. Although we have been able to handle the situation at the Port of Gothenburg without disruptions, the strain on the system is not sustainable in the long term and cannot go on indefinitely," he noted.

Dzanics summed up by saying, "We are in uncertain times and as a port we continue to work hard on our cost control. The situation is humbling, but does not change our direction forward. We continue to invest aggressively in green port logistics, where electrification, alternative fuels for shipping, as well as efficiency through digitization are some of the keys to further strengthen the port's and Swedish industry's competitiveness."