U.S. retailers are feeling more optimistic about the first half of this year, than they were just a month ago.
According to last month’s NRF/Hackett Associates Global Port Tracker (GPT), predictions showed that U.S. imports would increase by 13.8 percent in February. Now, that forecast got upgraded to an increase of 20.4 percent in February this year, compared to February of last year.
The GPT provides historical data/forecasts for the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma, NY/NJ, Virginia, Charleston, Savannah, Everglades, Miami and Jacksonville, and Houston.
Monthly Import Predictions for the First Half of the Year
The graph below shows what monthly imports looked like last year and what the forecast, at least for the first half of this year, are projected to be – according to data from the NRF/Hackett Associates Global Port Tracker.
Besides January (which predicts 2023 and 2024 to be similar), every month from February – June this year is predicted to see an increase in monthly imports from last year. Of course, these are just forecasts, and can certainly change.
Does the impact of the disruption in the Red Sea weigh on retailers minds?
“U.S. retailers are working to mitigate the impact of delays and increased costs. However, the longer the disruptions occur, the bigger impact this could have,” says Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy, in a recent press release.
Roughly 12 percent of U.S. bound cargo passes through the Suez Canal but still, the ongoing disruption poses challenges and uncertainty for everyone in the supply chain.
Looking Ahead
Should you have any questions regarding this and how it could impact your shipments, please reach out to our team today.
Additionally, we have our weekly market updates that can provide you with relevant freight news, updates, developments across the industry, and more.
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