[100917.EN.BIZ] Port Tracker Sees 2017 as Bumper Year for US Imports Nationwide

GROWING imports at major US ports set an all-time monthly record in July as 2017 stays on track to beat all-time shipping records, according to the monthly Global Port Tracker from the National Retail Federation (NRF) and Hackett Associates.

"Consumers are buying more, and retailers are scrambling to import more merchandise to keep up with the demand," said NRF vice president Jonathan Gold.

"Docks have been busier than ever as ships unload cargo headed for store shelves, and that's a good sign both for retail sales and the nation' economy," he said.

Ports covered by Global Port Tracker handled 1.78 million TEU in July, the latest month for which after-the-fact numbers are available.

That was up five per cent from June and 9.2 per cent year on year, the highest monthly volume recorded since NRF began tracking imports in 2000, beating the previous record of 1.73 million TEU in March 2015.

Global Port Tracker had previously forecast that the record would be 1.75 million TEU and would be set in August, but the record came in higher and sooner than expected.

August's volume was estimated at 1.71 million TEU, a drop of 0.1 per cent from last year but still one of the five highest months on record.

September is forecast at 1.67 million TEU, up 4.7 per cent from last year; October at 1.7 million TEU, up two per cent; November at 1.61 million TEU, down 2.3 per cent, and December at 1.58 million TEU, up 0.5 per cent.

While Hurricane Harvey slowed Gulf Coast cargo and Hurricane Irma is expected to do the same in Florida, neither is expected to significantly impact national totals.

Growth has slowed from the first half of the year but 2017 is expected to total 19.7 million TEU, topping last year's previous record of 18.8 million TEU by 4.8 per cent. That compares with 2016's 3.1 per cent increase over 2015. The first half of 2017 totalled 9.7 million TEU, up 7.5 per cent from the same period in 2016.

Hackett Associates Founder Ben Hackett does not expect volumes to continue growing at current levels.

"The United States economy has experienced a long, sustained period of growth beyond any seen in the last few decades," he said.

"Our models are projecting a slowdown. The positive takeaway is that this is a slowdown in growth, not an actual reduction in volume."

Source : HKSG.