News
It is projected that 2022 holiday retail sales will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion, according to a Global Port Tracker report by the National Retail Federation (NRF) and Hackett Associates. Although the report sees that consumers still maintain strong appetite for shipping, importers and retailers have already secure products. “Cargo levels that historically peak in the fall peaked in the spring this year as retailers concerned about port congestion, port and rail labor negotiations and other supply chain issues stocked up far in advance of the holidays,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “With a rail strike possible this month, there are still challenges in the supply chain, but the majority of holiday merchandise is already on hand and retailers are well prepared to meet demand.”
Ports processed 2.03 million TEUs of containers in September, down 10.2% from August and down 4.9% from September 2021. The report projects October at 2.02 million TEUs, down 8.5%. November is forecast at 1.92 million TEUs, down 9.2% and the lowest number since 1.87 million TEUs in February 2021, the last time the monthly total fell below two million TEUs. December is expected to drop to 1.9 million TEUs, down 9%. For the full year, 2022 is expected to total 25.86 million TEUs, barely changed from last year's annual record of 25.84 million TEUs.
