Import Surge Appears to Be ‘Slowing Down,’ Says NRF
Major U.S. retail ports handled 2.18 million 20-foot-long containers or their equivalents in July, 3.1% fewer than in June and down 0.4% from July 2021, reported the National Retail Federation Wednesday. It was the third year-over-year decline in two years…
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and the first since December, said NRF. With the Federal Reserve hoping to curb inflation by cooling demand through higher interest rates, imports are expected to fall below last year’s levels for the rest of 2022, said the association. “Consumers are still buying, but the cargo surge we saw during the past two years appears to be slowing down,” said Jonathan Gold, NRF vice president-supply chain and customs policy. “Cargo volumes are solidly above pre-pandemic levels, but the rate of growth has slowed and even slid into negative numbers compared with unusually high volumes last year.” The “key now,” said Gold, is dealing with ongoing supply chain issues around the globe and watching the labor negotiations at the West Coast ports and freight railroads. “Smooth operations at the ports and on the rails is crucial as we enter the busy holiday season,” he said. Dockworkers and railroad personnel remain on the job, said NRF, “but there are concerns about potential disruptions.”