Latest U.S. port data released, cargo volume rose again in October

According to the latest monthly Global Port Tracking report released by the National Retail Federation (NRF) and Hackett Associates, import cargo volumes at major U.S. container ports hit a record high in October, and the peak will be much later than predicted. In addition, the report pointed out that U.S. import cargo volumes are expected to slow down in the last few weeks of this year.

The report showed that container imports at major U.S. ports reached 2.05 million TEUs in October, up 1.3% from September and 2.5% from the same period last year.

NRF pointed out that the import volume at U.S. ports in October exceeded that of September (2.03 million TEU) and August (1.96 million TEU), becoming this year's holiday shipping peak. All in all, the peak of U.S. imports during this year's holiday season far exceeded the time initially expected.

Historically, imports have peaked in October, but in seven of the past 10 years, the peak has occurred in August or earlier. The NRF attributed this to a series of port labor disputes, which prompted retailers to bring goods into the country early to avoid possible disruptions during the holiday season.

Jonathan Gold, vice president of supply chain and customs policy at NRF, said that this year's port imports continued to grow in September and October, while they originally thought that the peak would appear in August. However, this is a good sign for the economy and the holiday shopping season. NRF also expects that this year's holiday season sales will hit a record high, with sufficient inventory to meet consumer demand.

According to NRF's forecast, U.S. holiday season sales in 2023 will increase by 3% to 4% compared with 2022, consistent with the growth rate before the epidemic, and totaling US$957.3 billion to US$966.6 billion.

Jonathan Gold, vice president of supply chain and customs policy at NRF, said the U.S. economy appears to be on a path of sustainable growth as consumer demand remains strong. He emphasized that retailers' strong performance on Black Friday this year contributed to rising corporate profits and GDP growth.

Ports have not yet reported November data, but according to Global Port Tracker's forecast, November throughput will reach 196 TEU, a year-on-year decrease of 10.5%. December throughput will reach 1.93 million TEU, an increase of 11.5% year-on-year. U.S. imports for the full year 2023 will reach 22.4 million TEU, a decrease of 12.4% from 2022 (25.5 million TEU).

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