After a record-setting year, although import volumes at major container ports across the U.S. are not expected to decline in 2018, the rate of import growth is likely to slow considerably, according to the latest Global Port Tracker report.
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Ports covered by the Global Port Tracker are expected to handle a total of 20 million TEUs of imports in 2017, which would surpass the previous record of 18.8 million TEUs set in 2016.
Import volumes at major container ports across the United States are expected to be essentially flat for the month of November compared to 12 months prior, according to the latest monthly Global Port Tracker report by the National Retail Federation (NRF) and Hackett Associates.
Retailers are now stocked up for the busy holiday season, said NRF Vice President for Supply Chain and Customs Policy Jonathan Gold. “The stores and warehouses are full, and it’s time for the shopping to begin.”
In September, the latest month for which after-the-fact numbers are available, ports covered by the Global Port Tracker handled 1.76 million TEUs of imports, down 2.3 percent from August, but a 10.5 percent boost from last September.
Ports covered by the Global Port Tracker are estimated to have imported 1.75 million TEUs in October, which would be a 4.9 percent boost from October 2016.
October figures are already beginning to surface at ports across the nation, with the Port of Long Beach handling 339,013 TEUs of loaded imports during the month, and the Port of Virginia’s loaded import volumes reaching 125,075 TEUs, up 14.3 percent and 9.6 percent year-over-year, respectively.
Meanwhile, November imports for ports covered by the Global Port Tracker are forecast to total 1.63 million TEUs, slipping just 0.5 percent from November 2016, while December is forecast at 1.6 million TEUs, a 2 percent boost from last December.
Overall, the total for 2017 is expected to reach 20 million TEUs, topping last year’s previous record of 18.8 million TEUs.
However, after a record-setting year, the rate of import growth is expected to slow in 2018. “We see no decline in volume and no recession – just time out for a breather,” Hackett Associates Founder Ben Hackett said.
Looking into 2018, the Global Port Tracker Report forecasts the following import figures for each month for ports covered across the Global Port Tracker, compared to the same month in 2017:
• January at 1.66 million TEUs, down 1 percent;
• February at 1.59 million TEUs, up 10.9 percent;
• And March at 1.5 million TEUs, down 2.1 percent.
Global Port Tracker, which is produced by Hackett Associates for the NRF, covers the U.S. ports of Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades, Miami and Houston.