Retail Imports To Set New Record This Month As Consumers Spend, Tariffs Take Effect

According to the monthly Global Port Tracker report, imports driven by increasing consumer demand and rising retail sales, at the nation’s major retail container ports are expected to set a new record this month even though new tariffs on goods from China just took effect.

Ports covered by Global Port Tracker handled 1.82 million Twenty-Foot Equivalent Units in May, the latest month for which after-the-fact numbers are available. That was up 11.6 percent from April as the annual wave of summer merchandise began to arrive and up 4.3 percent year-over-year. A TEU is one 20-foot-long cargo container or its equivalent.

June was estimated at 1.83 million TEU, up 6.8 percent year-over-year. July is forecast at 1.87 million TEU, up 3.8 percent; August at 1.91 million TEU, up 4.2 percent; September at 1.82 million TEU, up 2.1 percent; October at 1.89 million, up 5.3 percent, and November at 1.81 million TEU, up 2.6 million TEU.

The June number tied the record of 1.83 million TEU imported during a single month set in August 2017, and the forecast for July would break that record while August should set yet another record.

While cargo numbers do not correlate directly with sales, the record imports mirror strong results seen by retailers this spring and expectations of continued growth through the remainder of the year. Retail sales as calculated by NRF – excluding automobiles, restaurants and gasoline stations – were up 5.6 percent year-over-year in May and up 4.6 percent on a three-month moving average. NRF is forecasting that total 2018 sales will be up between 3.8 percent and 4.4 percent over 2017.