Import volume, measured in container TEUs, was up 6.9% from February to March, according to data from Descartes. Last month’s volume was down 27.5% from the prior year but ahead of pre-pandemic 2019 by 4.2%, an encouraging sign even as the 2023 outlook is cloudy due to labor and economic issues.
Domestic imports logged a 7.2% month-on-month increase in January, much higher than expected based on figures from the past six years, according to U.S. Census data as analyzed by global logistics and supply chain firm Descartes, yet still lagged behind pre-pandemic levels by a small margin. The NRF near-term outlook was less rosy.
With Chinese New Year starting Sunday, and manufacturing and logistics operations virtually shut down there for two weeks, experts say retail inventory levels are in a good place given recent gluts and proactive restocks, but the weeks following will bear watching and might bring issues.
Retail imports based on cargo volume at the nation’s major retail container ports is expected to decline year-over-year for the next few months but the first half of the year should still amount to a 4.5% increase compared with the same period last year, according to the National Retail Federation.
At the same time, import volumes are returning to West Coast ports after the labor issues that plagued the first half of 2015. Busy East Coast ports like New York and New Jersey saw large spikes in the double digits last year, as shippers sought alternate means to ensure product delivery, even if it meant significantly longer transit times.
December’s import cargo volume at major container ports will be the same as 2014 as stores bring in the last round of holiday merchandise, the NRF said.