Imports Rise in May, But Remain Below 2022 Levels
Import cargo volume at the nation’s major ports continues to climb month-over-month, but remains well below near record levels seen in 2022, a new report from the National Retail Federation (NRF) and Hackett Associates shows.
U.S. ports covered by Global Port Tracker handled 1.93 million Twenty-Foot Equivalent Twenty-Foot Equivalent Units – one 20-foot container or its equivalent – in May, the latest month for which final numbers are available. That was up 8.5% from April but down 19.3% year-over-year.
Ports have not yet reported June numbers, but Global Port Tracker projected the month at 1.86 million TEU, down 17.5% year-over-year. That would bring the first half of 2023 to 10.6 million TEU, down 22% from the first half of 2022.
July is forecast at 1.94 million TEU, down 11% year-over-year, and August is forecast at 2.03 million TEU, down 10.1% year-over-year but the first month since last October to reach 2 million TEU. September is forecast at 1.96 million TEU, down 3.4%; October at 1.97 million TEU, down 1.8%, and November at 1.88 million TEU, up 5.9% for the first year-over-year increase since June 2022.
Global Port Tracker has not yet forecast the full year, but the third quarter is expected to total 5.9 million TEU, down 8.3% from last year, and the first nine months of the year should total 16.5 million TEU, down 17.6% year-over-year. Imports for all of 2022 totaled 25.5 million TEU, down 1.2% from the annual record of 25.8 million TEU set in 2021.
While NRF officials expressed relief over the recent contract agreement reached between West Coast ports and labor, there is concern over a possible work stoppage at UPS.
“The ability to move goods from U.S. ports to stores could be impacted if UPS and the Teamsters don’t resolve their differences before their contract expires at the end of the month,” said Jonathan Gold, vice president for Supply Chain and Customs Policy with the NRF. “We urge all parties in both negotiations to get back to the table and continue efforts to reach a final deal without engaging in disruptive activity. Seamless supply chains are critical for retailers as we head into the peak shipping season for the winter holidays.”