US Import Growth Remains Strong in September, Reports Descartes
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Author: LM Staff, October 11, 2024
Descartes Systems Group, based in Waterloo, Ontario, recently released its Global Transport Report for September. The company provides demand-based software-as-a-service logistics solutions. According to the report, US import levels continued to show strong growth in September.
This marks the 38th edition of the Global Transport Report since its first release in August 2021.
The report indicates that from August to September, US container imports grew by 14.4% year-over-year, reaching 2,520,935 TEUs (Twenty-foot Equivalent Units). This is the third consecutive month with more than 2.4 million TEU imports, a record that has historically put pressure on US maritime logistics infrastructure. Compared to September 2019 pre-pandemic levels, this year’s import volume increased by 23.5%.
Year-to-date through the first nine months of 2024, total US imports have grown by 16.5% compared to the same period in 2019.
Despite the rise in imports, the report notes that transit time delays at most of the top ten US ports have decreased. Although import volumes remain strong, the recent provisional agreement signed between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA), along with ongoing conflicts in the Middle East, could put pressure on supply chains before year-end.
“Despite container imports remaining at high levels for three consecutive months, transit delays at the top ten US ports improved in September,” said Jackson Wood, Industry Strategy Director of Descartes. “Imports from China have driven overall US import volumes to record-high monthly levels in July, August, and September.”
Key findings from the report include:
* Over the past three months, container imports from China into the US have remained at high levels, with July (1,022,913 TEUs), August (975,129 TEUs), and September (989,425 TEUs) setting record-high monthly import volumes. However, September’s imports from China were 3.3% lower than the all-time high in July;
* Container imports at the top ten US ports increased by 46,855 TEUs or 2.2% compared to August 2024. The largest increases were seen at the Port of Long Beach (up 50,401 TEUs), Charleston Port (up 13,357 TEUs), and Baltimore Port (up 6,144 TEUs). In contrast, New York/New Jersey Port (down 19,731 TEUs), Savannah Port (down 7,730 TEUs), and Tacoma Port (down 2,435 TEUs) recorded the most significant monthly declines;
* Container imports from the top ten origin countries decreased by 41,680 TEUs or 2.2% compared to August. Among these countries, Vietnam (up 31,259 TEUs), India (up 19,410 TEUs), and Thailand (up 14,330 TEUs) saw the largest increases. In contrast, Germany (down 11,479 TEUs), South Korea (down 8,291 TEUs), and Italy (down 7,485 TEUs) experienced the most significant declines in import volumes.
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Source: Logistics Management
