In August, major U.S. ports imported 2.37 million TEUs, a 21% year-on-year increase and +4% and +5% over August 2021 and 2022 volumes, respectively.
This is one of the highest monthly results ever, second only to the all-time peak reached in May 2022.
The forecast (the ports have not yet sent the latest monthly data) is taken from the latest monthly report prepared by the National Retail Federation (NRF), the U.S. retail trade association.
The Global Port Tracker, in collaboration with Hackett Associates, points out that imports in July totaled 2.32 mln TEUs, + 8.1% over June and +21% over the same month last year. 2.31 mln TEUs of imported goods are forecasted for September, up 14 % year-on-year.
Imports totaling 24.98 million TEUs are forecasted for 2024, +12% on 2023 volumes.
Compared to the pre-covid era, the annual figures are 15% above 2018 results and 16% above 2019 results. The annual figure is one of the best ever, just 3% below the record volumes handled in 2021 and 2022, when 25.8 and 25.5 mln TEUs were imported, respectively.
The NRF is making no secret about their concern of the impact the strike on October 1st the International Longshoremen’s Association is calling for could have on U.S. East Coast ports.
The news of the impending strike “has caused some cargo owners to bring forward shipments, bumping up June-through-September imports,” said Ben Hackett, founder of Hackett Associates. “In addition, some importers are weighing the decision to bring forward some goods, particularly from China,” with the concern that after the U.S. elections there may be a new escalation in tensions between the two countries, with the inevitable consequence of increased tariffs, he added.
According to NRF Vice President for Supply Chain and Customs Policy Jonathan Gold, “It is vital that labor and management at the East Coast and Gulf Coast ports actually sit down at the negotiating table and bargain in good faith for a new contract so we can avoid a disruption of any kind when their contract expires.”
“A strike would be another blow to the supply chain as it continues to face challenges, and to the nation’s economy at a time when inflation is finally coming down and the Fed is poised to lower interest rates.” he concluded.
Translation by Giles Foster
