July’s volume of 2,556,180 twenty-foot equivalent units (TEUs) was eclipsed by the first- and second-highest volumes in May 2022 (2,622,465 TEUs) and March 2022 (2,558,021 TEUs) respectively. The July volume represented a 26-month high since the all-time high set in May 2022.

Despite the increased volume in July, port transit time delays showed little impact with largely negligible improvement or decline. July 2024 volumes increased 11.2 per cent over June 2024 totals, which is consistent with the rise that occurs in peak season in non-pandemic years, the technology solutions provider for logistics and supply chain management noted.

US imports from China set a record high in July of 1,022,913 TEUs, exceeding the previous record set in August 2022 by 19,188 TEUs. These represented a 14.7-per cent increase month on month (MoM) and a 19.9-per cent rise year on year (YoY).

August’s update of logistics metrics monitored by Descartes reinforces the strength of US container imports since the start of 2024.

Despite strong volumes, global supply chain volatility is still expected during the second half of the year because of the Middle East conflict, stalled labour negotiations at US South Atlantic and Gulf Coast ports, and reduced US port capacity as container volumes slowly return to the Port of Baltimore since reopening in June, observed Descartes.

US TEU import volume in July this year was up by 16.8 per cent YoY. The growth in import volume over the first seven months of 2024 is 15.6 per cent higher than the same period in 2019.

The potential severity of trade disruption stemming from the expiration of the agreement between the International Longshoremen's Association and the United States Maritime Alliance is currently unknown. The agreement is scheduled to expire at the end of September 2024 and, if no resolution is reached, labour action could disrupt operations at South Atlantic and Gulf Coast ports, noted Descartes in a release.

ILA leadership has communicated that they do not intend to extend the current agreement and have advised members to brace for the possibility of a coast-wide strike in October this year.

Fibre2Fashion News Desk (DS)