US seaports see surge in imports despite strike

Despite a three-day strike by workers at East Coast and Gulf ports, U.S. import volumes are still expected to be strong this October.

Import volumes in October are forecast to reach 2.12 million TEUs, up 3.1 percent year-over-year, according to the Global Port Tracker report released today by the National Retail Federation (NRF) and Hackett Associates. That’s even slightly higher than the 2.08 million TEUs forecast for October made a month ago.

The forecast comes after a brief strike by the International Longshoremen’s Association (ILA) following the failure to reach a new contract with the United States Maritime Union (USMX). The two sides decided to extend the current contract until January 15, to allow time for new contract negotiations and ensure ports remain open during the upcoming holiday season.

US seaports see sharp increase in imports despite strike. Illustrative photo

“This is great news for retailers, consumers and the national economy that the strike will be short-lived,” said Jonathan Gold, NRF vice president of supply chain and customs policy. “While affected ports will take a few weeks to recover, we can be assured that all ports nationwide will be working hard to meet demand, and there will be no impact on the expected holiday shopping season. However, the strike has had some impact – retailers who have imported goods early or transferred goods to the West Coast will incur additional storage and transportation costs. The priority now is for both parties to negotiate in good faith and reach a long-term agreement before the short-term extension expires in mid-January. We do not want to face a similar disruption again.”

U.S. ports tracked by Global Port Tracker handled 2.34 million TEUs in August, although the ports of New York/New Jersey and Miami have yet to release final data. That was up 0.9% from July and up 19.3% year-over-year, the highest since the record of 2.4 million TEUs set in May 2022.

While ports have yet to report September figures, Global Port Tracker is forecasting 2.29 million TEUs for the month, up 12.9% year-over-year. Looking ahead, November is forecast to reach 1.91 million TEUs, up 0.9% year-over-year, and December is forecast to reach 1.88 million TEUs, up 0.2%.

“The surge in imports over the past few months is clearly the result of stockpiling by wholesalers, retailers and industrial companies in preparation for strikes at Eastern and Gulf ports, rather than a sudden surge in demand,” said Ben Hackett, founder of Hackett Associates. “We may see some temporary congestion on the West Coast, but nothing major, and delays on the East Coast will be limited.”

If Global Port Tracker's forecasts are correct, total import volume in 2024 will reach 24.9 million TEUs, up 12.1% from 2023. January 2025 is expected to reach 1.98 million TEUs, up 0.8% year-on-year, while February 2025 is expected to reach 1.74 million TEUs, down 11.2% due to fluctuations during the Lunar New Year holiday at factories in Asia.

Source: https://congthuong.vn/cang-bien-hoa-ky-don-luong-hang-nhap-khau-tang-manh-du-co-dinh-cong-351464.html