THE latest Global Port Tracker report released by the National Retail Federation and Hackett Associates shows that import cargo volume this month at major US container ports is expected to hit its highest level in nearly a year as retailers stock up for the winter holidays.
NRF vice president for supply chain and customs policy Jonathan Gold, said in a statement: "Port and package-delivery labour negotiations that threatened the supply chain at the beginning of the summer have been resolved and retailers are now focused on preparing for the all-important holiday season.
"There are always supply challenges to be faced but holiday merchandise is flowing into the country, and we expect to see a smooth shipping season ahead of the winter holiday shopping season."
Hackett Associates Founder Ben Hackett said double-digit year-over-year decreases in cargo volume this year have come even though consumer spending and US employment have increased.
"Dollar figures for international trade show imports remain in a year-over-year decline and cargo volume shows the same," Mr Hackett said.
"The discrepancy between rising growth in sales and declining cargo volumes is happening because retailers are working their way through inventory built up over the last 12 to 18 months. Cargo growth should resume as inventories are depleted."
US ports covered by Global Port Tracker handled 1.83 million TEU in June, the latest month for which final numbers are available. That was down 5.2 per cent from May and down 18.7 per cent year over year. That brought the first half of 2023 to 10.5 million TEU, down 22 per cent from the first half of 2022.
Ports have not yet reported July numbers, but Global Port Tracker estimates it will hit 1.91 million TEU, down 12.7 per cent year over year. August is forecast at 2.03 million TEU, down 10.2 per cent year over year, but the first month since last October to reach two million TEU. September is forecast at 1.97 million TEU, down 3 per cent; October at two million TEU, down 1 per cent; November at 1.92 million TEU, up 8 per cent for the first year-over-year increase since June 2022, and December also at 1.92 million TEU, up 10.7 per cent year over year.
Those numbers would bring 2023 to 22.3 million TEU, down 12.8 per cent from last year. Imports for all of 2022 totaled 25.5 million TEU, down 1.2 per cent from the annual record of 25.8 million TEU set in 2021, repots Portland, Maine's WorkBoat.