As the winter holiday season approaches, major container ports are gearing up for an increase in import cargo volume. The ajot news source.
- Resolved labour negotiations pave the way for retailers to focus on holiday preparation and shipping.
- Despite declining cargo volume, rising consumer spending drives optimism for a cargo growth rebound.
- Global Port Tracker projections hint at a potential uptick in cargo volume, offering hope for a smoother trade season ahead.
Boosting Imports
As the winter holiday season approaches, the nation’s major container ports are gearing up for a surge in import cargo volume, predicted to reach its highest level in nearly a year. The National Retail Federation and Hackett Associates’ Global Port Tracker report sheds light on the trends driving this anticipated increase.
Supply Chain Stabilizes Amid Labor Negotiations
Resolving labor and delivery negotiations that initially posed challenges to the supply chain, retailers have shifted their focus to the upcoming holiday season. After overcoming hurdles such as port strikes and potential labor strikes, the retail industry is now concentrating on preparing for a successful shipping season and a seamless winter holiday shopping experience.
Balancing Declining Cargo
Despite consumer spending and U.S. employment growth, this year has seen double-digit declines in cargo volume. Hackett Associates Founder Ben Hackett explains that this apparent contradiction is due to retailers working through inventory built up over the past year. As these inventories deplete, cargo growth is anticipated to rebound.
Projections and Outlook for 2023
Global Port Tracker offers insightful projections for the remainder of the year. While June witnessed a 5.2% decline in cargo volume compared to May and an 18.7% decline year over year, forecasts indicate an expected increase in the coming months. With predictions pointing to a potential rebound in cargo volume, the industry eyes a smoother path ahead, anticipating growth in the latter half of 2023.
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Source-ajot
