USA – Retailers in the United States are ramping up imports as they prepare for potential tariff increases under the incoming Trump administration.
With fears of higher costs and possible disruptions, US retailers are increasing container volumes, particularly through major ports, a trend that started in October 2024.
According to the National Retail Federation (NRF), November 2024 saw a 14.7% increase in container imports compared to the same month in 2023.
This surge comes after initial concerns about a potential strike at East Coast ports, which was averted. Despite the resolution, the uncertainty surrounding the situation continues to have an effect.
Ben Hackett, founder of Hackett Associates, an analytics and research firm, emphasized that even though the strike did not happen, the uncertainty led to changes in how imports were handled.
“We have narrowly averted a strike, but that doesn’t mean there hasn’t been an impact. Importers had already front-loaded cargo in anticipation of delays, giving a boost to imports in December and early January,” Hackett explained.
Data from the NRF shows that the volume of container imports for November 2024 exceeded initial expectations.
With about 2.17 million containers reported, imports were roughly 14% higher than the NRF had predicted.
As of now, December’s data is still pending, but the NRF has already revised its projections, forecasting a 19% increase in imports for the month, with an estimated 2.24 million containers expected.
Jonathan Gold, the NRF’s Vice President for Supply Chain and Customs Policy, noted that the increase in imports was not only a result of the resolved strike but also driven by the potential tariffs President-elect Trump has proposed.
Retailers are working to avoid the higher costs associated with these tariffs, which would eventually affect consumers.
“The surge in imports has also been driven by President-elect Trump’s plan to increase tariffs because retailers want to avoid higher costs that will eventually be paid by consumers,” said Gold. “The long-term impact on imports remains to be seen.”
The NRF has updated its forecast for 2024 imports due to the recent surge in container volumes. The revised estimate projects a total of 25.6 million Twenty-Foot Equivalent Units (TEU) for the year.
This adjustment reflects the rapid import activity seen in late 2024, as retailers continue to adjust their supply chains to avoid further disruptions and respond to the evolving economic landscape.
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