S&P Global Market Intelligence

March imports, at 2.489 million TEU (Twenty-Foot Equivalent Units), posted a 16% annual gain, and first quarter imports, at 7.537 million TEU, rose 15% annually, amid various supply chain disruptions.

Following yesterday’s bridge collision in Baltimore, when the 32,000-ton container ship, Dali, collided into the 1.6-mile Francis Scott Key bridge over the Patapsco River in Baltimore, causing it to collapse and stopping ship traffic at the Port of Baltimore, for an indefinite period, it has created yet another uncertain situation for supply chains.

February imports, at 2.44 million TEU (Twenty-Foot Equivalent Units) increased 21% compared to February 2023. And when taking into account the timing of the Lunar New Year, coupled with the impact of ongoing Red Sea and Panama Canal disruptions, the firm explained that U.S.-bound imports over the first two months of 2024, at 5.04 million TEU, posted a 14% annual increase over 2023’s 4.40 million TEU, with 2022 and 2021, at 5.21 million TEU and 5.09 million TEU, respectively.

January imports, at 2.59 million TEU (Twenty-Foot Equivalent Units) rose 9% annually, representing the third consecutive month of annual growth coming in at 9%.

It is fair to say that the topic of inventory management has always had a permanent seat at the table, so to speak, when it comes to mapping out logistics and supply chain planning and operations processes. That theme became especially heightened, as we all well know, during the height of the pandemic nearly four years ago.

November imports, at 2.41 million TEU (Twenty-Foot Equivalent Units), increased 9% annually, following a 5% annual gain in October. On a year-to-date basis through November, imports are down 9.9% annually, to 29.3 million TEU.  

October imports, at 2.64 million TEU (Twenty-Foot Equivalent Units), increased 5% annually, following a 1% annual gain in September. On a year-to-date basis through October, imports are down 11.5%, to 24.02 million TEU.  

September imports, at 2.54 million TEU (Twenty-Foot Equivalent Units), increased 1% annually as Peak Season begins in earnest. On a year-to-date basis through September, imports are down 13% annually, at 21.38 million TEU.  

August imports, at 2.88 million TEU (Twenty-Foot Equivalent Units), were down 12% annually, and were ahead of July’s 2.53 million TEU and June’s 2.43 million TEU. This marked the 13th consecutive month of annual declines. On a year-to-date basis through August, imports are down 14.8% annually, at 18.82 million TEU.

To get a better sense of how things are shaping up for the 2023 Peak Season, Newsroom Notes caught up with two industry experts, representing trucking and ocean cargo, respectively, to get a sense of where things currently stand.

July imports, at 2.53 million TEU (Twenty-Foot Equivalent Units) were off 10% annually, while topping June’s 2.43 million TEU tally by 4%. This marked the 12th consecutive month of annual declines, with the caveat that it represented the slowest rate of decline since September 2022, said the firm. On a year-to-date basis through July, imports are down 15% annually, at 16.29 million TEU.

June imports came in at 2.43 million TEU (Twenty-Foot Equivalent Units), matching May’s tally, and was down 11% compared to June 2022’s 2.74 million TEU.

In this podcast, Jeff Berman, Group News Editor, for Logistics Management and Peerless Media, interviews Chris Rogers, Head of Supply Chain Research for S&P Global Market Intelligence. 

In this podcast, Jeff Berman, Group News Editor, for Logistics Management and Peerless Media, interviews Chris Rogers, Head of Supply Chain Research for S&P Global Market Intelligence.

On a year-to-date basis, April’s 15% decrease was preceded by an 11% January decrease, a 20% February decrease, and a 23% March decrease. Home furnishings imports fell 33% in April, compared to a 45% drop-off in March, and household appliances and consumer electronics saw matching 13% decreases. Textiles and apparel were off 37% annually, compared to a 37% March decrease.