Container Cargo Imports Grew in First Half of Year, New Report Projects
A new report is projecting that import shipments in the first half of the year grew 1.4% on the strength of a February surge in containerized cargo shipments.
The Global Port Tracker report projected the rise but noted that 13 major North American ports handled 1.32 million 20-foot-equivalent units, or TEUs, during March, a decline of 14% from February, when shipments in advance of Lunar New Year and related factory slowdowns inflated freight totals.
March was 24% lower than the same month of 2015, when all-time record monthly volumes were achieved in the aftermath of a near-shutdown of West Coast ports that wasn’t resolved until late February, said the report from the National Retail Federation and consulting firm Hackett Associates. The record was 1.73 million units in March 2015, topping the previous mark by about 140,000.
“Retailers are importing less merchandise than last year, but these are still some of the highest numbers we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Carefully managing imports will balance out high inventory levels.”
The report estimated April activity at 1.5 million TEUs, a drop of 0.8% year-over-year. May totals are projected at 1.57 million TEUs, followed by 1.56 million TEUs in June. Small increases are anticipated to 1.61 million TEUs in July, 1.62 million in the peak month of August and 1.56 million in September.
Hackett Associates Founder Ben Hackett said the expected pattern reflects more cautious consumer buying patterns as well as high inventory levels.
“Consumer spending is still growing but not as fast as in the past,” Hackett said. “A more cautious approach is being taken.”
