US container import volumes steady after short-lived strike

After an emergency surge in cargo, equipment, and supplies entering the United States amid the threat of an International Longshoremen’s Association (ILA) strike, container import volumes are expected to stabilize for the remainder of 2024. Ports have handled the surge well and quickly recovered from the recent three-day strike.

According to Descartes, a software platform for businesses with large logistics needs, the total volume of imported containers in the United States in September reached more than 2.52 million TEUs (20-foot equivalent units). This is the second time this year that import volume has exceeded 2.5 million TEUs and the third consecutive month to exceed 2.4 million TEUs. The total volume is up 1.7% from August and up 14.4% from the same period in 2023. Notably, September import volume is up 23.5% from pre-pandemic levels in September 2019.

After a short-term port workers strike, the volume of imported containers into the US is expected to stabilize, with ports quickly recovering and maintaining good performance (Illustration photo)

According to the National Retail Federation (NRF), U.S. ports have been dealing with unusually high volumes of cargo since the start of the year as importers brought in cargo early to prepare for a possible ILA strike. This has created a surge in import volumes. Retailers, wholesalers, and industrial companies have all stepped up imports to prepare for disruptions caused by the strike.

While cargo volumes are higher than usual, Descartes said ports have adapted well thanks to improved operational and management capabilities. “Despite three consecutive months of high import container volumes, delays at major U.S. ports have decreased,” said Jackson Wood, director of industry strategy at Descartes. Imports from China have been a significant contributor to total volumes, with three consecutive months of record highs in July, August and September.

NRF forecasts import volumes to stabilize in the final months of this year, after the ILA labor contract was extended until January 15, 2025. Last August, import volumes increased by more than 19% year-on-year and reached the highest level since the record in May 2022. However, compared to July, the increase was less than 1%, and import volumes are expected to peak in August but remain high.

NRF forecasts import volumes to reach over 2 million TEUs in October, then decline slightly to 1.92 million TEUs in November and 1.89 million TEUs in December. The last two months of 2024 are forecast to increase only slightly by 1% compared to 2023. However, total import volumes for the whole of 2024 are forecast to reach 24.9 million TEUs, up more than 12% compared to last year.

According to some analysts, US ports have improved their operational capacity and forecast stable cargo volumes in the coming period, the supply chain seems ready to face potential challenges. The extension of the ILA labor contract also helps to reduce concerns about future disruptions, creating conditions for more stable economic growth in 2025.

Source: https://congthuong.vn/khoi-luong-container-nhap-khau-cua-hoa-ky-on-dinh-sau-cuoc-dinh-cong-ngan-han-351722.html