News
Imports to U.S major container ports should continue to slow in the final weeks of 2023 after reaching a peak later than expected this fall, according to a Global Port Tracker (GPT) report released today by the National Retail Federation (NRF)and Hackett Associates.
“We originally thought peak season would come in August, but imports kept growing in September and again in October,” NRF Vice President Jonathan Gold said. “Whether it was merchandise for retailers or cargo for other businesses, that’s a good sign for the economy and for the holiday shopping season.” “NRF expects record-setting holiday sales this year and retailers are well-stocked to meet consumer demand,” he added.
The NRF is forecasting that 2023 holiday sales will increase between 3% and 4% over last year in line with pre-pandemic growth rates and will hit a record-setting total between $957.3 billion and $966.6 billion.
The U.S. ports covered by GPT handled a higher-than-expected 2.05 million TEUs of containers in October, up 1.3% from September and 2.5% from October 2022 for the first year-over-year increase since June 2022.
The ports have not yet reported November numbers, but Global Port Tracker projected the month at 1.96 million TEUs, up 10.5% year over year. December is forecast at 1.93 million TEUs, up 11.5% year over year. Those numbers would bring 2023 to 22.4 million TEUs, down 12.4% from last year. Imports during 2022 totaled 25.5 million TEUs, down 1.2% from the annual record of 25.8 million TEUs set in 2021. Year-over-year volume growth each month is expected to continue in 2024, with January forecast at 1.93 million TEUs, up 6.6% year over year. February is forecast at 1.77 million TEUs, up 14.5% year over year. March is forecast at 1.75 million TEUs, up 7.7% year over year and April at 1.8 million TEUs, up 1%.
