;
Home / Knowledge / News / Apparel/Garments / US retail imports likely to set new record this month
US retail imports likely to set new record this month
10
Jul '18
Courtesy: David Dibert from Pexels
Courtesy: David Dibert from Pexels
Driven by increasing consumer demand and rising retail sales, imports at major retail container ports in the US are expected to set a new record this month even though new tariffs on goods from China just took effect, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
 
“Retailers cannot easily or quickly change their global supply chains, so imports from China and elsewhere are expected to continue to grow for the foreseeable future,” NRF vice president for Supply Chain and Customs Policy Jonathan Gold said. “As tariffs begin to hit imported consumer goods or the parts and equipment needed to produce US goods, these hidden taxes will mean higher prices for Americans rather than significant changes to international trade.”
 
“july 6 was the beginning of the United States’ trade war,” Hackett Associates Founder Ben Hackett said, referring to US tariffs on $34 billion in Chinese products. “There will be no winners, only losers – particularly consumers – as costs increase.”
 
Ports covered by Global Port Tracker handled 1.82 million Twenty-Foot Equivalent Units (TEU) in May, the latest month for which after-the-fact numbers are available. That was up 11.6 per cent from April as the annual wave of summer merchandise began to arrive and up 4.3 per cent year-over-year. A TEU is one 20-foot-long cargo container or its equivalent.
 
June was estimated at 1.83 million TEU, up 6.8 per cent year-over-year. July is forecast at 1.87 million TEU, up 3.8 per cent; August at 1.91 million TEU, up 4.2 per cent; September at 1.82 million TEU, up 2.1 per cent; and October at 1.89 million, up 5.3 per cent.
 
The June number tied the record of 1.83 million TEU imported during a single month set in August 2017, and the forecast for July would break that record while August should set yet another record.
 
“While cargo numbers do not correlate directly with sales, the record imports mirror strong results seen by retailers this spring and expectations of continued growth through the remainder of the year,” NRF said in a press release.
 
Retail sales as calculated by NRF – excluding automobiles, restaurants and gasoline stations –  were up 5.6 per cent year-over-year in May and up 4.6 per cent on a three-month moving average. NRF is forecasting that total 2018 sales will be up between 3.8 per cent and 4.4 per cent over 2017.
 
The first half of 2018 is expected to total 10.3 million TEU, an increase of 4.9 per cent over the first half of 2017. The total for 2017 was 20.5 million TEU, up 7.6 per cent from 2016’s previous record of 19.1 million TEU. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Myanmar requests EU not to revoke trade preference

Apparel/Garments | On 21st Jan 2019

Myanmar requests EU not to revoke trade preference

Myanmar Government officials and businesses have requested the...

Tanzania spends Sh7 bn to boost cotton production

Textiles | On 21st Jan 2019

Tanzania spends Sh7 bn to boost cotton production

Tanzania has injected Sh7 billion for distribution of insecticides...

India to soon have own standard for apparel size: minister

Apparel/Garments | On 21st Jan 2019

India to soon have own standard for apparel size: minister

India will soon roll out a size project for Indian apparel on the...

Interviews View All

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search