The National Retail Federation and Hackett Associates shows issued a report stating that imports at major US retail container ports dropped to their lowest level in five years in March.
The report indicates that imports may continue being significantly below normal levels through early summer as the coronavirus pandemic continues.
According to Global Port Tracker, the US port handled 1.51 million TEU in February, the latest month for which after-the-fact numbers are available, reaching a 17% decline from January and a 6.8% decline year-over-year.
Although March’s official numbers are not yet available, the estimations show that imports plunged to 1.27 million TEU, down 21.3% year-over-year and the lowest level seen since 1.21 million TEU in February 2015 during a labor dispute that caused slowdowns at West Coast ports that winter.
In addition, April is forecast to reach 1.44 million TEU, 17.6% less year-over-year, Also, additional forecasts see May at 1.48 million TEU, down 20.1%; June at 1.41 million TEU, down 21.4%; July at 1.61 million TEU, down 18.2%, and August at 1.72 million TEU, down 12.5%.
Prior to the COVID-19 pandemic, the forecasts saw February to May at an overall of 6.9 million TEU but is now expected to total 5.7 million TEU, a drop of 17.3%.
The first half of 2020 is forecast to total 8.93 million TEU, down 15.1% from the same period last year. Before the extent of the pandemic was known, the first half of the year was forecast at 10.47 million TEU.
NRF Vice President for Supply Chain and Customs Policy Jonathan Gold stated that
Even as factories in China have begun to get back to work, we are seeing far fewer imports coming into the United States than previously expected.
