NRF: US Import Container Volumes This Summer Could Hit 2022 Levels
This summer could see the highest levels of U.S. import container volumes since 2022, the National Retail Federation said June 10.
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NRF produces a monthly report on U.S. port volumes with consulting firm Hackett Associates. The report monitors data from the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast.
NRF and Hackett Associates say U.S. import levels have been above 2 million twenty-foot equivalent units (TEUs) for seven months. This is “a level reached only twice since October 2022,” according to Monday’s release.
The annual peak season is partly the cause of the volume increase, NRF said. Retailers also may be restocking, and they may be seeking to get ahead of increased tariffs on goods from China that are set to go into effect in August.
"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," NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said in a statement. "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."
According to the groups’ Global Port Tracker report, major U.S. ports handled 2.02 million TEUs in April, up 4.6% from March and 13.2% year-over-year. April’s figure also was the highest since October 2023, when volumes totaled 2.06 million TEUs.
NRF anticipates 2024 retail sales growing by between 2.5% and 3.5% over the 2023 level. The trade group’s retail sales forecast excludes sales from automobile dealers, gasoline stations and restaurants.