TEU

The story of the economy since the onset of the pandemic has been the resilience of consumers and how consumption has powered the economy. That was the word from Matthew Shay, president and CEO of the Washington, D.C.-based National Retail Federation (NRF) on a media conference call hosted by the Port of Los Angeles this week.

The Port of Los Angeles reported that total September volume, at 748,440 TEU, was up 5% annually, marking its second consecutive month of annual growth. The Port of Long Beach reported that September marked its highest-volume September on record, with volume at 829,429 TEU, increasing 11.8% annually, and topping the previous September high in 2020 by 78,849 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.  

From August to September, Descartes reported that U.S.-bound container import volumes saw a 0.3% increase, coming in at 2,203,452 TEU (Twenty-Foot Equivalent Units), which the report observed differs from the decline that typically occurs over the last third of the calendar year.

For August, the most recent month for which data is available, Port Tracker reported that import volume, for the ports covered in the report, came in at 1.96 million TEU (Twenty-Foot Equivalent Units), which is up 2.3% over July, and down 13.5% annually, marking the highest monthly volume on a year-to-date basis, while falling short of a projected 2 million TEU, for the month, in the report’s previous edition.   

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.

POLA reported that August volume was up 3% annually, coming in at 828,016 TEU (Twenty-Foot Equivalent Units). This marked the first growth month out of the last 13 months through August. The Port of Long Beach reported that total August volume, at 682,312 TEU, was off 15.4% annually.

From July to August, Descartes reported that U.S.-bound container import volumes eked out a 0.4% annual increase, coming in at 2,196,268 TEU (Twenty-Foot Equivalent Units), while posting a 13.2% annual decline and up 2.5% compared to pre-pandemic August 2019. And on a year-to-date basis through August, imports are down 2.1% compared to the same period in 2019.

United States-bound retail container import volumes appear to be trending in the right direction, with monthly volumes pegged to be around 2 million TEU (Twenty-Foot Equivalent Units) in September, for the second consecutive month.

Total POLA volume, at 684,291 TEU (Twenty-Foot Equivalent Units), saw a 26.85% annual decline compared to the record-setting July 2022, at 935,423 TEU. The Port of Long Beach reported that total volume came in at 578,249 TEU, down 26.4% annually, compared to July 2022, which POLB said was its highest-volume July in its history.

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.

From June to July, Descartes reported that U.S.-bound container import volumes saw a 5.1% increase, to 2,187,810 TEU (Twenty-Foot Equivalent Units), which it said is consistent with import gains seen in non-pandemic years, for Peak Season.

From May to June, Descartes reported that U.S.-bound container import volumes were off 0.7%. coming in at 2,081,793 TEU (Twenty-Foot Equivalent Units), while falling 16.1% compared to June 2022 and rising 6.0% compared to June 2019, prior to the onset of the pandemic. What’s more, the 0.7% May to June decrease represents the lowest decrease for that period going back to 2017.

POLA reported that total May volume came in at 779,140 TEU (Twenty-Foot Equivalent Units), representing a 19.5% annual decline. And the Port of Long Beach reported that May volume fell 14.9% annually, coming in at 758,225 TEU.

On an annual basis, May U.S. container import volumes saw a 3.8% increase, from April to May, coming in at 2,097,813 TEU (Twenty-Foot Equivalent Units) and were down 20.0% annually while seeing a 0.5% annual increase when compared to pre-pandemic May 2019. What’s more, Descartes observed that through the first five months of 2023, with a 1.3% difference for the same period in each year.