Import cargo volumes at U.S. ports are projected to remain elevated in January, reflecting a continuation of the surge seen at the end of last year. This trend has been influenced by several factors, including the averting of potential strikes at East and Gulf Coast ports through a tentative labor agreement, as well as importers front-loading goods in response to concerns over tariff increases.
According to the recently released Global Port Tracker report, major container ports experienced a significant rise in imports during December and early January, fueled by efforts to avoid potential disruptions and higher costs. Importers have proactively increased shipments to mitigate the impact of potential tariff hikes, which could result in increased prices for consumers.
The report notes that U.S. ports covered by the study handled approximately 2.17 million TEU in November, reflecting a 14.7% increase year-over-year. December imports were projected at 2.24 million TEU, representing a 19.2% year-over-year increase, and bringing the total for 2024 to an estimated 25.6 million TEU—15.2% higher than in 2023.
Monthly Import Forecasts:
January: 2.16 million TEU, up 10% year-over-year
February: 1.87 million TEU, down 4.5% due to Lunar New Year factory closures in China
March: 2.13 million TEU, up 10.6%
April: 2.18 million TEU, up 8%
May: 2.2 million TEU, up 5.9%
While potential disruptions have been avoided for now, the ongoing impact of policy changes and global economic shifts remains to be seen. Importers and supply chain professionals continue to monitor the landscape closely to adapt to evolving conditions.
At Sobel Network, we are committed to providing insights and support to help businesses navigate these challenges, ensuring a resilient and efficient supply chain in the face of dynamic market conditions.
