U.S. ports handled 1.96 million 20-foot equivalent units (TEUs) of inbound cargo volume in February, up 26.4 percent from 2023 TEUs of 1.55 million and flat to January totals.
The numbers were largely aided by the later Lunar New Year in 2024, which started Feb. 10 compared to Jan. 22 in the year prior. With the later start, more product had likely already reached the U.S. by the time China’s two-week factory break began.
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The February results, which were included in the monthly Global Port Tracker report compiled by the National Retail Federation (NRF) and Hackett Associates, were slightly ahead of initial expectations of 1.9 million TEUs.
Lunar New Year is expected to have the inverse impact on March numbers, with projected TEUs coming in at 1.8 million. While this would still mark an 11 percent year-over-year bump above the year-ago period, total inbound cargo volume at U.S. ports would be down 7.8 percent from February.
Ports have not yet officially reported March’s numbers, but Descartes Systems Group’s import estimates indicate a largely flat month-over-month total in March, increasing 0.4 percent to 2.1 million TEUs. But from an annual standpoint, the firm said TEU volume at U.S. ports jumped 15.7 percent year over year.
“U.S. imports are continuing to increase despite another disruption impacting U.S. ports,” said Jonathan Gold, vice president for supply chain and customs policy at NRF. “As retailers have adjusted to limits on the use of the Panama Canal and the Red Sea, we now face the shutdown of the Port of Baltimore to vessel traffic.”
The Port of Baltimore has been closed to vessel traffic since a container ship struck the Francis Scott Key Bridge on March 26, collapsing the overpass and blocking the only shipping channel in the harbor.
The port is not included in the Global Port Tracker’s national totals because its data is reported later than other gateways, but its shutdown is having a regional impact as cargo that would normally go there is being diverted to other East Coast ports like the Port of New York & New Jersey, the Port of Virginia and the Port of Philadelphia, among others.
According to Descartes, Baltimore had the largest month-over-month decrease in import volume at 15.7 percent, or 6,829 TEUs, influenced partially by the bridge’s collapse.
“While it is not expected to have a national impact, the tragic collapse of the Francis Scott Key Bridge shows the ongoing need for flexibility and resiliency in every company’s supply chain,” said Gold in a statement. “We are monitoring the situation closely as retailers who are affected adjust their shipping plans to ensure cargo is getting to where it needs to be.”