Import Volume Growing At U.S. Ports
The volume of imports at major U.S. ports this summer is expected to reach the highest level in nearly two years, according to new figures from the National Retail Federation (NRF) and Hackett Associates.
Jonathan Gold, president of Supply Chain and Customs Policy for the NRF said as consumers continue to spend at rates higher than in 2023, retailers continue to stock up to meet this ongoing demand.
“The high level of imports expected over the next several months is an encouraging sign that retailers are confident in strong sales throughout the remainder of the year,” said. Unfortunately, retailers are also facing supply chain challenges again, this time with congestion at overseas ports that are affecting operations and shipping rates.”
Ben Hackett, founder of Hackett Associates, said an expected seven-month string of import levels above 2 million Twenty-Foot Equivalent Units – a level reached only twice since October 2022 – is partly due to changes in the annual “peak season” for shipping.
“Imports of containerized goods at U.S. ports are booming, with particularly strong growth on the West Coast,” he said. “In the past couple of years, we have witnessed a flattened peak season that has stretched out the volume of imports over extra months versus the strong, consolidated surge seen in the past. Reasons range from retailers restocking following strong sales after the pandemic to trying to get ahead of increased tariffs on goods from China set to take effect in August and ensuring sufficient inventories for the holiday season amid strong consumer demand.”
U.S. ports covered by Global Port Tracker handled 2.02 million TEU – one 20-foot container or its equivalent – in April, the latest month for which final numbers are available. That was up 4.6% from March and up 13.2% year-over-year and was the highest number since 2.06 million TEU last October.
Ports have not yet reported May’s numbers, but Global Port Tracker projected that volume rose to 2.09 million TEU, up 8.3% year-over-year for the highest level since 2.26 million in August 2022. June is forecast to go even higher at 2.11 million TEU, up 15.2% year-over-year. July is forecast at 2.1 million TEU, up 9.5%; August at 2.17 million TEU, up 10.6%; September at 2.06 million TEU, up 1.7%, and October at 2.01%, down 2.3% from the same month last year.
The first half of 2024 is expected to total 12.1 million TEU, up 15% from the same period last year. Imports during 2023 totaled 22.3 million TEU, down 12.8% from 2022.