Inbound cargo volume at major container ports in the United States continues to rise despite supply chain challenges, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
U.S. ports covered by Global Port Tracker handled 2.08 million Twenty-Foot Equivalent Units, or one 20-foot container or its equivalent, in May, the latest month for which ports have made final numbers available. As such, port volume gained 3% from April and 7.5% year over year, and came in as the highest number since 2.26 million TEU in August 2022.
Ports haven’t reported June’s numbers yet, but Global Port Tracker projected that volume rose to 2.1 million TEU, up 14.5% year over year. It forecast July at 2.21 million TEU, up 15.5% year over year, August at 2.22 million TEU, up 13.5%, September at 2.1 million TEU, up 3.5%, October at 2.05 million TEU, down 0.5%, and November at 1.96 million TEU, up 3.5%.
The numbers suggest that the volume total for 2024’s first half will be 12.04 million TEU, up 14.4% from the same period in 2023. Imports in 2023 totaled 22.3 million TEU, down 12.8% from 2022.
“Lulls between supply chain challenges seldom last long, and importers are currently looking at issues including high shipping rates, unresolved port labor negotiations and continuing capacity and congestion issues from the ongoing disruptions in the Red Sea,” NRF vice president for supply chain and customs policy Jonathan Gold said in announcing the figures. “Despite all of that, we’re experiencing the strongest surge in volume we’ve seen in two years, and that’s a good sign for what retailers expect in sales. Consumers can rest assured that retailers will be well-stocked and ready to meet demand as we head into the back-to-school and holiday seasons.”
Hackett Associates Founder Ben Hackett said the latest numbers come after attacks on shipping in the Red Sea earlier this year effected shipping “beyond earlier expectations” as there wasn’t enough capacity available to make up for longer voyages that avoided the region. In addition, political support for higher and broader tariffs on imported goods is expanding, which may affect the shipping sector, while concerns over the lack of a new contract with East Coast/Gulf Coast dockworkers is shifting some cargo to West Coast ports. Such issues drive up prices for shipping and, eventually, consumers, Hacket pointed out.
“The risks to global trade growth continue to increase,” he said. “We are in a volatile situation with multiple pressures on the movement of goods, underpinned by continued inflationary pressures.”
Global Port Tracker, produced for the NRF by Hackett Associates, provides historical data and forecasts for 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.
