- 2024 U.S. Container Imports Exceed 2023 Total by 3.5%.
- November Import Decline Smaller Than Past Six Years, Shows Resilience.
- Potential Tariffs and Labor Disputes Could Pressure Global Supply Chains in 2024.
In November 2024, U.S. container import volume fell 5% compared to October 2024, consistent with the traditional seasonally month-to-month drop seen in earlier years. But this was less of a decline than the 9% seen during the same period last year. And while down, the 2,368,758 TEU volume for November 2024 was still 12.8% ahead of November 2023 and a whopping 24.6% ahead of pre-pandemic November 2019, reports Descartes.
Continued Strength in U.S.–China Trade
Imports from China also were off, but November was up 13.3 per cent compared to the same month of 2023. It suggests that the downturn that occurred in imports last month did not diminish the overall strength of U.S.–China trade.
Year-to-Date Container Imports Pass the 2023 Totals
Total container imports for the first 11 months of 2024 stood at 25,829,192 TEUs, surpassing the entire total for 2023, which was 24,957,640 TEUs, by 3.5% or 871,552 TEUs. The strength of this performance shows robust import activity throughout the year, which has helped make for a solid year-over-year increase.
Factors Impacting Global Supply Chains
December also outlines potential supply chain risks to global chains remaining for the rest of 2024. These are comprised of new tariffs from an incoming U.S. administration, the continued negotiation of the ILA and USMX on labour contracts, and the Middle East conflict. These events can place further stress on logistics and supply chain services.
Comparative Analysis of Previous Years
Historically, November has been the weaker month for U.S. container imports compared to October. However, the 125,877 TEUs drop for November 2024 was the smallest month-over-month decline in six years. In contrast, the report does reflect that the overall U.S. container import volumes during peak season in 2024 remained quite strong.
Industry Outlook
“November has traditionally been a softer month than October; however, compared to the past six years, this year’s month-over-month decline is the smallest by volume (down 125,877 TEUs) (see Figure 2),” said Jackson Wood, Director, Industry Strategy at Descartes. “While front-loading shipments due to heightened uncertainty around labour unrest and tariffs is a possibility, U.S. container import volumes have been exceptionally strong over peak season this year and, overall, robust throughout 2024.”
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: Descartes
