US Retail imports forecast to reach 'unusually high levels' in the summer
MAJOR container ports in the US are forcast to 'see unusually high levels' of imports through the summer and are projected to reach the highest level since last October in August
MAJOR container ports in the US are forcast to 'see unusually high levels' of imports through the summer and are projected to reach the highest level since last October in August.
According to the Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, the growth is due to the rise in retail sales and President Donald Trump's plan to increase and broaden the tariffs against China.
'Much of this is driven by consumer demand, but retailers are likely to resume stocking up merchandise before new tariffs can take effect,' NRF vice president for Supply Chain and Customs Policy Jonathan Gold said in a statement.
'Tariff increases and new tariffs will mean higher costs for US businesses, higher prices for American consumers and lost jobs for many American workers.
'It would be unfortunate to undermine the progress that has been made with more tit-for-tat tariffs that only punish Americans,' Mr Gold added.
US ports covered by the Global Port Tracker handled 1.61 million TEU in March, which is the latest month for which after-the-fact numbers are available. The number was up 4.4 per cent year over year but down 0.6 per cent from February.
April was estimated at 1.76 million TEU, which was a 7.7 per cent year-over-year increase.
The Global Port Tracker forecasts May at 1.9 million TEU, a 4.2 per cent growth; June at 1.92 million TEU, a 3.7 per cent increase; July at 1.96 million TEU, up 3 per cent; August at 1.98 million TEU, a 4.6 per cent growth; and September at 1.91 million TEU, a 2 per cent increase.
Imports have never reached the 1.9 million TEU mark earlier than July, according to the statement, reports American Shipper.
The Global Port Tracker covers the US ports of Los Angeles/Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Virginia, Charleston, Savannah, Port Everglades, Miami, Jacksonville and Houston.