NRF: Retail imports remain far below last year

(Source: Progressive Railroading 07/20/20)

Imports at the major U.S. retail container ports are expected to remain significantly below last year’s levels into fall as the impact of the COVID-19 pandemic continues, the National Retail Federation (NRF) announced earlier this month.

Retailers are being conservative with the amount of merchandise they import this year, said Jonathan Gold, NRF vice president for supply chain and customers policy, in a press release.

U.S. ports covered by the Global Port Tracker handled 1.53 million 20-foot equivalent units (TEUs) in May, down 4.8 percent from April and down 17.2 percent year over year.

“U.S. imports are performing like a yo-yo, up one month and down the next with no apparent cause that can realistically point to either a crashing or booming economy,” said Ben Hackett, founder of Hackett Associates, which, with the NRF, releases the monthly Global Port Tracker report. “We’re starting to go out to eat and buy clothing again, but how sustainable is that? The danger is that the rising number of virus infections is leading to renewed restrictions, which may cause demand to weaken again.”

The outlook is about the same as a month ago, with some months higher and some lower, NRF and Hackett officials said. Imports for the six-month period from May through October are expected to total 9.9 million TEUs, a 0.7 percent improvement from the amount forecast a month ago.