United States container imports grew strongly year-over-year
In June, container imports from major United States ports fell 2.1% from May, but increased sharply by 10.4% from the same period last year to 2.298 million TEU. Logistics indicators tracked by Descartes show that the volume of imported containers from China remained flat in June compared to May, but saw a significant increase of 13.8% compared to the same period last year. Despite the strong imports of United States containerized cargo, the risk of global supply chain disruptions remains high due to the conflict in the Middle East and the stalemate in labor negotiations at ports in the East and Mexico Gulf, affecting the stability of global trade. Despite the month-on-month decline in imports at United States ports, this is the second-lowest decline in the same period in the past six years, ignoring the performance of imports during the pandemic in 2020. Compared with May, container imports at the top 10 ports in United States fell by 59,625 TEUs in June, or 2%. Among them, the Port of New York/New Jersey and the Port of Norfolk saw the largest decline, with a decrease of 59,933 TEUs and 28,738 TEUs, respectively; The Port of Los Angeles and the Port of Charleston showed growth, adding 33,253 TEUs and 14,552 TEUs, respectively. In June, imports from China remained at 891,000 TEU, a significant increase of 13.8% from June 2023, although 11.2% lower than the peak in August 2022. The largest decline is still in consumer-oriented goods, such as furniture, bedding, plastics and their products. In June, container volumes from China accounted for 38.8% of total United States imports, up 0.8% from May but still 2.7% below the February 2022 high of 41.5%. In June, the share of container volume at West Coast ports continued to grow as the share of East Coast and Mexico Gulf Coast ports shrank. From May to June, a comparison of the top five ports on the West Coast with the top five ports on the East Coast and the Mexico Gulf showed that the share of total container imports from the top five ports on the East Coast and Mexico Gulf fell to 41.4% (-0.7 percent), while the share of the top five ports on the West Coast rose to 44.6 percent (up 2.5 percent). Compared to smaller ports, the share of the top 10 ports remained at 86.1% in June (-0.6%). Vessel delays improved at most ports on the West Coast of United States in June, but wait times increased slightly at ports on the East Coast and the Gulf of Mexico Coast. Among them, the situation at the Port of Long Beach improved significantly, with delays reduced by 2.5 days, and the Port of Savannah was the most severe at the Port of Savannah, with an average increase of 1 day. In June, the Panama Canal Authority announced that the number of vessel crossings per day would increase from 32 to 33 starting July 11 and to 34 on July 22. With effect from 5 August, the new locks will increase the daily cap to 35 vessels. Effective July 11, the maximum draft allowed for ships to pass through the waterway will be increased to 48 feet, or 14.63 meters. If tensions in the Middle East persist, import volumes at ports along the Gulf of Mexico will continue to be weak. Imports at Mexico Gulf Coast ports were 216902 TEUs in June, down 8.7% compared to May. Source: The Descartes Systems