By the time English borrowed the word “cargo” it meant load, or something you carry. It was used before shipment, which does relate directly to ships. Trucks and ships can both carry cargo AND shipments.
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You can have cargo in trucks and cars and a shipment can take place overseas. Shipment is more connected to the process of shipping so it’s not necessarily like the noun form of the material goods whereas cargo is definitely the items that are being delivered.