Hackett Associates founder Ben Hackett highlighted an anticipated seven-month string of import levels surpassing 2 million twenty-foot equivalent units (TEU)—a milestone reached only twice since October 2022. This surge is partly attributed to changes in the annual ‘peak season’ for shipping.

In April, US ports covered by Global Port Tracker managed 2.02 million TEU—representing one 20-foot container or its equivalent. This figure marked an increase of 4.6 per cent from March and a significant 13.2 per cent year-over-year (YoY), reaching the highest volume since October 2022, which recorded 2.06 million TEU, as per the report.

Though May’s final numbers are yet to be reported, Global Port Tracker projected a rise to 2.09 million TEU, up 8.3 per cent YoY, marking the highest level since 2.26 million TEU in August 2022. The forecast for June is even higher at 2.11 million TEU, an increase of 15.2 per cent YoY. July is projected to reach 2.1 million TEU, up 9.5 per cent; August at 2.17 million TEU, up 10.6 per cent; September at 2.06 million TEU, up 1.7 per cent; and October at 2.01 million TEU, down 2.3 per cent from the same month last year.

The first half of 2024 is expected to total 12.1 million TEU, reflecting a 15 per cent increase from the same period last year. Imports during 2023 totalled 22.3 million TEU, which was a 12.8 per cent decrease from 2022.

These import numbers come as NRF forecasts that 2024 retail sales—excluding automobile dealers, petrol stations, and restaurants to focus on core retail—will grow between 2.5 per cent and 3.5 per cent over 2023.

“Consumers are continuing to spend more than last year, and retailers are stocking up to meet demand, especially as we head into peak shipping season,” said NRF vice president for supply chain and customs policy Jonathan Gold. “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. Unfortunately, retailers are also facing supply chain challenges again, this time with congestion at overseas ports that are affecting operations and shipping rates.”

“Imports of containerised goods at US ports are booming, with particularly strong growth on the West Coast,” said Hackett. “In the last 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.”

Fibre2Fashion News Desk (DP)