Imports Expected To Grow During First Half

Incoming cargo volume at the nation’s major container ports is expected to see year-over-year increases through the first half of the year despite attacks on ships in the Red Sea, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“Only about 12% of U.S.-bound cargo comes through the Suez Canal but the situation in the Red Sea is bringing volatility and uncertainty that are being felt around the globe,” said Jonathan Gold, vice president for Supply Chain and Customs Police for the NRF. “U.S. retailers are working to mitigate the impact of delays and increased costs. However, the longer the disruptions occur, the bigger impact this could have. More needs to be done among partners and allies to ensure the safety of vessels and crews in order to avoid yet another year of supply chain disruption.”

U.S. ports covered by Global Port Tracker handled 1.87 million Twenty-Foot Equivalent Units – one 20-foot container or its equivalent – in December, the latest month for which final numbers are available. That was down 1% from November but up 8.3% year-over-year. December’s results brought 2023 to 22.3 million TEU, down 12.8% from 2022.

Ports have not yet reported January’s numbers, but Global Port Tracker projected the month at 1.81 million TEU, up 0.3% year-over-year. February is forecast at 1.86 million TEU, up 20.4% year-over-year, and March is forecast at 1.71 million TEU, up 5.5% from last year. 

February is traditionally the slowest month because of Lunar New Year factory shutdowns in Asia but the timing of the holiday and its impact on cargo and year-over-year comparisons varies. April is forecast at 1.83 million TEU, up 2.6% year-over-year; May at 1.94 million, up 0.3%, and June at 1.93 million TEU, up 5.5%.

Those numbers would bring the first half of 2024 to 11.1 million TEU, up 5.3% from the same period last year.