Thursday, September 11, 2014
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NRF: U.S. retail imports remain up as West Coast labor talks continue
Photo credit: Reuters
Retailers continued to bring goods into the U.S. at an above-average rate this month—spurred by the lack of a West Coast dockworker contract—but volume will drop from the record set in August, projects the latest Global Port Tracker report from the National Retail Federation and Hackett Associates.
"The negotiations have made progress and retailers have been stocking up, but there’s still cargo that needs to arrive before the holiday season kicks off," said Jonathan Gold, NRF vice president for supply chain and customs policy. "Retailers are making sure that consumer demand during the holidays will be met."
Import volume at U.S. ports covered by Global Port Tracker is expected to total 1.47 million TEUs this month, down from August’s record 1.53 million TEUs.
West Coast dockworkers have been working without a valid contract since their former agreement expired July 1. Since then, retailers have been worried about potential labor disruptions that could affect the flow of back-to-school or holiday merchandise.
The tentative agreement on longshoremen’s health benefits announced in August was an encouraging sign for shippers, but the PMA and the ILWU continue to parlay on other contract issues.
U.S. ports followed by Global Port Tracker handled 1.5 million TEUs in July, up 3.7 percent year-over-year. August was forecast to be up 2.9 percent at 1.53 million TEUs, September up 2.4 percent at 1.47 million TEUs, October up 5.5 percent to 1.51 million TEUs, November up 3.8 percent at 1.39 million TEUs and December up 4.1 percent at 1.37 million TEUs.
In 2014, U.S. container ports tracked by the report are expected to achieve collective imports totaling 17.1 million TEUs, a 5.3 percent increase over 2013’s 16.2 million. The first half of 2014 totaled 8.3 million TEUs, up 7 percent over the first half of 2013.
NRF is forecasting 3.6 percent sales growth in 2014.
"The North American economy is certainly growing, but at lower rates than one would expect coming out of a deep recession," said Ben Hackett, Hackett Associates founder. "It remains hesitant, growing in spurts rather than in a sustained pattern."
Global Port Tracker covers the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades, Miami, and Houston.
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