The latest data from the Global Port Tracker report, released by the National Retail Federation and Hackett Associates, indicates an increase in import volumes at major container ports in the United States.
This growth comes as the supply chain adapts to ongoing disruptions caused by Houthi rebel attacks on commercial vessels in the Red Sea.
Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy, highlighted retailers’ efforts to mitigate disruptions, stating that cargo rerouting has ensured timely arrivals to meet consumer demand despite challenges.
Ben Hackett, Founder of Hackett Associates, noted that carriers are avoiding the Red Sea, leading to a decrease in shipping prices and delays.
Due to the disruptions, cargo routes have shifted, with some shipments from Asia now circumventing the Cape of Good Hope or traveling across the Pacific to reach US ports.
Hackett emphasized the continued smooth flow of global trade, despite concerns about inflationary impacts on transportation costs.
While US ports handled 1.96 million TEUs in January, reflecting a 4.7% increase from December and an 8.6% year-on-year rise, February and March are projected to see further growth.
February’s forecast stands at 1.9 million TEU, up 22.7% annually, while March is anticipated to reach 1.77 million TEU, an 8.8% increase from last year.
Despite Lunar New Year factory shutdowns in Asia traditionally slowing February, the first half of 2024 is expected to total 11.5 million TEU, up 7.8% from the same period last year.
This follows a decrease in imports during 2023, which totaled 22.3 million TEU, down 12.8% from 2022.
