US imports are expected to slightly grow during the first half of 2022, according to the monthly Global Port Tracker by the National Retail Federation and Hackett Associates.
As NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said, no dramatic growth is expected in imports, but the fact that volumes aren’t falling is a clear sign of continued consumer demand.
Last year set a new bar for imports, and the numbers remain high as consumers continue to spend despite COVID-19 and inflation. The slowdown in cargo growth will be welcome as the supply chain continues to try to adapt to these elevated volumes
Hackett Associates Founder Ben Hackett said congestion remains on both coasts and the Port of Los Angeles alone has around 40 ships waiting to dock. As more ships arrive each day and delays mean some cargo won’t get unloaded until the following month, shifts in import patterns could be difficult to follow for the next few months.
“With Lunar New Year factory closings in Asia this month and the consequent drop in export production, North American terminals will have an opportunity to reduce existing congestion,” Hackett said.
He noted however, that backups cannot be erased quickly as long as terminals continue to face a lack of space brought on by the supply chain’s inability to efficiently transfer cargo out of the terminals to its end destinations.
Ports have not yet reported January numbers, but Global Port Tracker projected the month at 2.15 million TEU, up 4.4% year-over-year. February is forecast at 2.04 million TEU, up 8.7%; March at 2.12 million TEU, down 6.7%; April at 2.19 million TEU, up 2%; May at 2.27 million TEU, down 2.6%, and June at 2.26 million TEU, up 5.2%.
