Study reveals retail imports experience 7% growth in 2017
Ports covered by Global Port Tracker handled 1.74 million 20-foot equivalent units in November.
Imports at some of the nation’s major retail container ports grew 7% during 2017, as retail sales continued to increase, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF), Washington, D.C., and Hackett Associates, Alexandria, Va.
“Retail had a strong year fueled by growing wages, higher employment and a boost in consumer confidence,” says Jonathan Gold, NRF vice president for supply chain and customs policy. “Retailers imported more merchandise than ever to meet demand for quality products at affordable prices, and growth is expected to continue in the year ahead.”
Ports covered by Global Port Tracker handled 1.74 million 20-foot equivalent units in November, the latest month for which after-the-fact numbers are available.
December was estimated at 1.61 million TEU, up 2.6% year-over-year. The total for 2017 is expected to come to 20.1 million TEU, topping last year’s previous record of 18.8 million TEU by 7%. That would be more than double 2016’s 3.1% increase over 2015. The year set an all-time monthly record of 1.8 million TEU in August, and included five of only seven months on record when imports have hit 1.7 million TEU or higher.
January is forecast at 1.68 million TEU, up 0.2% from January 2017; February at 1.62 million TEU, up 12.6% from last year; March at 1.5 million TEU, down 2.3%; April at 1.66 million TEU, up 3.3% and May at 1.73 million TEU, up 0.4%. The February and March percentages are skewed because of changes in when Asian factories close for Lunar New Year each year.
“On a percentage basis, 2017 was one of the strongest increases we’ve seen since the end of the Great Recession,” says Ben Hackett, founder of Hackett Associates. “That’s no minor achievement at a time when many are trying to talk down the economy. The rate is expected to slow down some, but with 2017’s performance and continuing high consumer confidence, our models show continued growth in the coming year.”
Global Port Tracker, which is produced for NRF by Hackett Associates, covers the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades and Miami on the East Coast, and Houston on the Gulf Coast.