U.S. import cargo volume continues to rise, reaching the highest level in nearly a year in July

According to the latest monthly Global Port Tracking report released by the National Retail Federation (NRF) and Hackett Associates, U.S. import cargo volumes continue to rise as retailers prepare for the holiday shopping season.

The report shows that major U.S. ports handled a total of 1.91 million TEUs in July, up 4.4% from June and down 12.4% from the same period last year, and the highest level since October 2022. Ports have not yet reported data for August, but Global Port Tracker predicts that the month will be 2 million TEUs, down 11.4% year-on-year.

According to forecasts, the import cargo volume at major U.S. container ports will exceed 2 million TEUs (a 20-foot container or its equivalent) for three consecutive months, with September reaching 2 million TEUs, down 1.8% year-on-year, and October also reaching 2 million TEUs, but up 0.1% year-on-year.

“The rise in import shipments suggests that retailers are optimistic about the holiday season. They think they can sell goods, so they’re importing them,” said Jonathan Gold, NRF’s vice president of supply chain and customs policy. “The holiday season is a big opportunity for retailers to gain growth, so they’re actively preparing goods for shoppers.”

Jonathan Gold added that the labor agreement reached by the International Warehouse and Longshore Union (ILWU) and the Pacific Maritime Association (PMA) provides supply chain stability and certainty for retailers at West Coast ports. However, one issue worth worrying about is that due to the continued drought, the water level of the canal has dropped, and the Panama Canal has begun to limit the number of ships passing through and their maximum draft depth. This restriction has caused ships to "queue" waiting for passage, and many ship owners have changed other routes to avoid affecting delivery time.

Ben Hackett, founder of Hackett Associates, noted that most ships were able to comply with the restrictions because many ships were not carrying enough cargo or returning empty containers. It is expected that by mid-August, those ships waiting to pass will have completed their journeys smoothly.

"We have been closely monitoring the situation in the Panama Canal. However, it now appears that the issue will have little impact on the retail supply chain. This is also true as we enter the peak shipping season," Ben Hackett further stated.

According to Global Port Tracking, U.S. imports for the full year 2023 are expected to reach 22.3 million TEUs, down 12.5% ​​from 2022 (25.5 million TEUs) and 1.2% from 2021.

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