US ports to handle record container volumes
The National Retail Federation (NRF) and Hackett Associates' Global Port Tracker report both indicate that monthly inbound cargo volume at major US container ports is expected to reach its highest level in nearly two years this summer. This surge reflects retailer confidence in strong sales for the remainder of the year. April saw 2.02 million teu handled, a 13.2% year-over-year increase.
May's projected volume rose to 2.09 million teu, with June forecasted to reach 2.11 million teu. H1/2024 is expected to total 12.1 million teu, a 15% increase from last year. Despite strong consumer demand, retailers face supply chain challenges, including overseas port congestion and rising shipping rates.
NRF forecasts a growth in retail sales of 2.5% to 3.5% for 2024, excluding automobile dealers, gasoline stations, and restaurants. (pb)