Monday, October 13, 2014

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NRF predicts record October holiday imports

Photo credit: Reuters/Jessica Rinaldi

Major U.S. retail container ports will see record October volumes in a final seasonal import surge, according to the National Retail Federation and Hackett Associates, who predict 4.1 percent growth for the holiday season and 3.6 percent growth for 2014 as a whole.

Import volume at key U.S. ports is expected to total 1.53 million TEUs in October, besting the 1.52-million-TEU monthly record set in August, according to this month’s Global Port Tracker report.

Cargo volume has been strong each month since summer began, since retailers imported goods early in case West Coast port labor talks resulted in a strike, a lockout, or other disruption that would result in delays. NRF said the lack of a dockworker contract since July and operational issues have led to record congestion at the ports.

"Increasing congestion at the nation’s ports as well as the ongoing West Coast labor negotiations are ongoing concerns - and retailers are making one last push to make sure they’re stocked up for the holidays," said Jonathan Gold, NRF vice president for supply chain and customs policy. "Retailers are working hard to make sure customers can find what they’re looking for regardless of what happens at the ports."

The rest of the year looks good, with September import forecast up 2.8 percent at 1.48 million TEUs year-over-year, and October up 6.4 percent at 1.53 million TEUs. The reports predicts that November import volume will up 3.7 percent at 1.39 million TEUs, and December up 3.9 percent at 1.37 million TEUs.

Those numbers would bring 2014 to a total of 17.1 million TEUs, an increase of 5.3 percent over 2013.

"The consumer is back," Hackett Associates Founder Ben Hackett said, citing reduced unemployment, improved consumer confidence and other indicators. "That’s all good news for retailers, ports and shipping lines."

Global Port Tracker covers the 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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