Amid various ongoing global supply chain challenges, United States-bound imports and shipments were at record levels in October, according to recently-issued data by global trade intelligence firm Panjiva.
Total October U.S-bound containerized freight imports—at 2,995,176 TEU (Twenty-Foot Equivalent Units)—saw a 2.7% annual gain, setting a new record, and were up 20.5% compared to the same period in 2019, with shipments—at 1,415,250—up 15.2% annually and up 34.7% compared to 2019.
Through the first 10 months of 2021, Panjiva reported that imports—28,845,059 TEU—posted a 21.1% annual gain, and shipments—at 12,796,622—were up 21.6% annually.
“This [data] is a positive sign for the holidays as it indicates that plenty of goods have entered the country—but with congestion still in place, extended lead times may make it more difficult for any reorders,” said Panjiva Research Director Eric Oak.
Oak added that this data highlights how logistics networks are running flat out, with U.S. import networks at capacity, bringing with it much of the congestion and supply chain issued faced by companies this year.
“The challenge with congestion is that while imports are at record highs — up by 20.5% compared to 2019 — individual companies are seeing longer lead times for goods, which then incites increased and early ordering,” he observed. “This can turn into a cycle where congestion in logistics drives further traffic from companies trying to hedge risk by ordering additional supplies. October is a pivotal month for holiday-focused supply chains. Companies that want to stock shelves by Thanksgiving need to import by October to allow goods to pass through inland networks. If any additional capacity was to be found, this was the most likely period to appear, but companies have had all year to prepare for this period and sustained imports in previous months could mean that many businesses shipped earlier than usual. That may pose a problem for consumers shopping for a specific present, or manufacturers that have run out of a specific item, as replacements may not make it in time.”
Looking at specific sectors, Panjiva reported the following for October: