THE Global Port Tracker report expects a spike in us cargo imports sustained by consumer spending and retailers replenishing inventories ahead of the annual peak season.
'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,' said National Retail Federation (NRF) vice president Jonathan Gold.
'Unfortunately, retailers are also facing supply chain challenges again, this time with congestion at overseas ports that are affecting operations and shipping rates,' he said.
Ben Hackett, founder of Hackett Associates forecasts a seven-month stretch of US cargo import levels exceeding two million TEU - a milestone reached only twice since October 2022 - partly due to shifts in the annual 'peak season' for shipping.
Said Mr Hackett: 'Imports of containerised goods at US ports are booming, with particularly strong growth on the west coast. 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.'
Mr Hackett cited factors such as retailers restocking after strong post-pandemic sales, efforts to beat anticipated tariff increases on Chinese goods in August, and ensuring sufficient inventories to meet robust consumer demand for the holiday season.
US ports covered by Global Port Tracker handled 2.02 million TEU in April, the latest month for which final numbers are available. That was up 4.6 per cent from March and up 13.2 per cent year over year and was the highest number since 2.06 million TEU last October.
While May's numbers are yet to be reported, projections indicate a rise to 2.09 million TEU, up 8.3 per cent year-over-year and the highest level since August 2022.
June is forecast to surpass 2.11 million TEU, a 15.2 per cent year-on-year increase, with July, August, and September also projected to maintain elevated import volumes.
The NRF expects the first half of 2024 to total 12.1 million TEU, up 15 per cent from the same period last year, as the organisation forecasts core retail sales growth of 2.5 per cent to 3.5 per cent over 2023 levels.
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'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,' said National Retail Federation (NRF) vice president Jonathan Gold.
'Unfortunately, retailers are also facing supply chain challenges again, this time with congestion at overseas ports that are affecting operations and shipping rates,' he said.
Ben Hackett, founder of Hackett Associates forecasts a seven-month stretch of US cargo import levels exceeding two million TEU - a milestone reached only twice since October 2022 - partly due to shifts in the annual 'peak season' for shipping.
Said Mr Hackett: 'Imports of containerised goods at US ports are booming, with particularly strong growth on the west coast. 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.'
Mr Hackett cited factors such as retailers restocking after strong post-pandemic sales, efforts to beat anticipated tariff increases on Chinese goods in August, and ensuring sufficient inventories to meet robust consumer demand for the holiday season.
US ports covered by Global Port Tracker handled 2.02 million TEU in April, the latest month for which final numbers are available. That was up 4.6 per cent from March and up 13.2 per cent year over year and was the highest number since 2.06 million TEU last October.
While May's numbers are yet to be reported, projections indicate a rise to 2.09 million TEU, up 8.3 per cent year-over-year and the highest level since August 2022.
June is forecast to surpass 2.11 million TEU, a 15.2 per cent year-on-year increase, with July, August, and September also projected to maintain elevated import volumes.
The NRF expects the first half of 2024 to total 12.1 million TEU, up 15 per cent from the same period last year, as the organisation forecasts core retail sales growth of 2.5 per cent to 3.5 per cent over 2023 levels.
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