U.S. ports are reeling in more imported goods than expected yet again in 2024, handling 1.93 million 20-foot equivalent units (TEUs) in March, according to data from the Global Port Tracker report.
This represents an 18.7 percent year-over-year jump from March 2023 totals, when Asian exports were slow after Lunar New Year shutdowns, and also 7.2 percent ahead of previous projected totals of 1.8 million TEUs.
More from Sourcing Journal
All inbound cargo volume has exceeded forecasts in the first three months of the year, as per the monthly report comprised by the National Retail Federation (NRF) and maritime trade consultancy Hackett Associates.
This is a substantial harbinger of things to come for the summer season, when the Global Port Tracker anticipates that the top U.S. ports should consistently be above 2 million TEUs by May, for five months through September.
“Even with a shift in spending from goods to services, U.S. consumers continue to spend on goods,” Hackett Associates founder Ben Hackett said in a statement.
The volumes could also represent a stronger trade environment. The World Trade Organization’s April 2024 forecast predicted that world merchandise trade volume would grow by 2.6 percent in 2024, a swing from the 1.2 percent decline in 2023.
Ports have not officially reported April’s numbers, but Global Port Tracker projected the month at 1.96 million TEUs, which would be up 10 percent year over year.
May is forecast at 2.06 million TEUs, up 6.8 percent year over year and in line with October’s totals for the highest level of inbound cargo volume since the 2.26 million TEUs handled in August 2022.
Monthly volume has reached the 2 million TEUs mark only twice since a 19-month streak that ended in October 2022.
“We haven’t seen numbers this high for this many months in almost two years,” said Jonathan Gold, vice president for supply chain and customs policy at NRF, in a statement. “Regardless of what headlines about the economy might say, consumers are shopping and retailers are making sure they have merchandise on hand to meet demand. The supply chain has adjusted to recent disruptions and retailers will work to keep the flow of goods moving smoothly as the back-to-school and holiday seasons approach.”
Seasonally adjusted retail sales in March excluding food services, motor vehicles, parts and gas stations was $615.9 billion, up 3.6 percent from year-ago totals, according to U.S. Census Bureau data.