With the International Longshore and Warehouse Union and the USA Maritime Alliance reaching a six-year labor agreement, Eastern USA and Gulf of Mexico ports have avoided a potential crisis.
With the International Longshore and Warehouse Union and the USA Maritime Alliance reaching a six-year labor agreement, Eastern USA and Gulf of Mexico ports have avoided a potential crisis.
Despite positive developments, the container throughput at USA ports is experiencing significant growth. According to the Global Port Tracker report published by the National Retail Federation (NRF) and Hackett Associates, the port throughput in November was 2.17 million TEU, an increase of 14.7% compared to the same period last year.
The surge in imports can be attributed to two main factors: retailers' proactive measures to avoid disruptions related to strikes and concerns about the new USA president's proposal to raise tariffs.
NRF Vice President Jonathan Gold explained that retailers have shipped spring merchandise in advance to ensure adequate inventory levels.
Gold stated, 'Retailers have purchased spring merchandise early to ensure sufficient inventory and be able to serve customers in case of further supply disruptions, which has led to an increase in imports. The significant rise in imports is also driven by the elected president's plan to raise tariffs, as retailers aim to avoid consumers ultimately paying higher costs. The long-term effects on imports remain to be seen.'
Looking ahead, the port throughput is expected to remain strong at the beginning of 2025, with January's forecast at 2.16 million TEU, a year-on-year increase of 10%. However, due to the factory closures during the Chinese Lunar New Year, February's port throughput is expected to decline by 4.5% year-on-year, with a rebound of 10.6% in March.
(The above content is from Reuters)
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