Optimistic Retailers Helping Boost Imports

Import cargo volume at the nation’s major container ports is expected to hit the 2 million Twenty-Foot Equivalent Unit mark for the second month in a row in September and remain there in October, according to the Global Port Tracker report from the National Retail Federation (NRF) and Hackett Associates.

“These are strong numbers and a sign retailers are optimistic about the holiday season since they don’t import merchandise unless they think they can sell it,” said Jonathan Gold, vice president of Supply Chain and Customers with the NRF. “The holiday season is now the top priority for everyone in the retail supply chain as merchants prepare for the rush of shoppers who will soon be buying gifts for friends and family.”

U.S. ports covered by Global Port Tracker handled 1.91 million TEU – one 20-foot container or its equivalent – in July, the latest month for which final numbers are available. That was up 4.4% from June but down 12.4% year-over-year.

Ports have not yet reported August numbers, but Global Port Tracker projected the month at 2 million TEU, down 11.4% year-over-year but the first month since October 2022 to reach the 2 million mark. 

September and October are also forecast at 2 million TEU each for a potential three-month streak. (The number would be a 1.8% year-over-year drop for September but a 0.1% year-over-year gain for October.) November is forecast at 1.96 million TEU, up 10.4% year-over-year, and December at 1.94 million TEU, up 12% year-over-year.

Those numbers would bring 2023 to 22.3 million TEU, down 12.5% from last 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.

January 2024 is forecast at 1.91 million, TEU, up 5.4% to begin the new year.