John Furner President and CEO | Official website
WASHINGTON – Next month’s inbound cargo volume at the nation’s major container ports is expected to top 2 million units for the first time since last fall as imports grow despite new supply chain challenges, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“U.S. imports are continuing to increase despite another disruption impacting U.S. ports,” stated Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy. Gold emphasized the need for flexibility and resiliency in supply chains, stating, “the tragic collapse of the Francis Scott Key Bridge shows the ongoing need for flexibility and resiliency in every company’s supply chain. We are monitoring the situation closely as retailers who are affected adjust their shipping plans to ensure cargo is getting to where it needs to be.”
Discussing the impact of the recent Baltimore bridge accident, Ben Hackett, Hackett Associates Founder, noted, “The Baltimore bridge accident will likely shift container imports and exports to New York/New Jersey, Virginia and other surrounding ports until a shipping channel is cleared, perhaps as soon as within a couple of months.” Hackett also highlighted the importance of maintaining stable supply chains, cautioning that additional pressures on capacity could significantly impact the market.
The Global Port Tracker report revealed that U.S. ports handled 1.96 million Twenty-Foot Equivalent Units (TEU) in February, with projections for increased volumes in the coming months. The first half of 2024 is expected to see a total of 11.7 million TEU, representing an 11% increase from the same period last year.
Global Port Tracker, a report produced for NRF by Hackett Associates, provides historical data and forecasts for various U.S. ports across the country. Subscription information for the report is available for NRF retail members and non-members interested in accessing the data.
As the leading authority for the retail industry, NRF analyzes economic conditions affecting the sector through reports such as Global Port Tracker. Retail remains a significant contributor to the economy, supporting millions of jobs and making a substantial impact on both local communities and global economies.
About NRF, the National Retail Federation, is dedicated to advocating for the success of the retail industry, supporting its role as a major private-sector employer and a significant contributor to the nation’s GDP.
Hackett Associates, on the other hand, provides expert consulting, research, and advisory services to the international maritime industry, government agencies, and international institutions, focusing on enhancing the efficiency and effectiveness of global supply chains.
