Home / Knowledge / News / Apparel/Garments / US retail imports rising again as summer approaches: NRF

US retail imports rising again as summer approaches: NRF

11
Apr '19
With tariff increases delayed for the foreseeable future and the busy summer season approaching, imports at US’s major retail container ports are beginning to climb again, according to the monthly Global Port Tracker report released by National Retail Federation (NRF) and Hackett Associates. NRF is the world’s largest retail trade association.

Imports during 2018 set a new record of 21.8 million TEU, an increase of 6.2 per cent over 2017’s previous record of 20.5 million TEU. The first half of 2019 is expected to total 10.7 million TEU, up 3.7 per cent over the first half of 2018. A TEU is one 20-foot-long cargo container or its equivalent.

“Retailers are starting to stock up in anticipation of a strong summer,” NRF vice president for supply chain and customs policy Jonathan Gold said. “Tariff increases are on hold and progress is being reported in talks between the US and China, so the imports we’re seeing now are driven primarily by expectations for consumer demand.”

US ports covered by Global Port Tracker handled 1.62 million twenty-foot equivalent units in February, the latest month for which after-the-fact numbers are available. That was down 14.3 per cent from January and down 4 per cent year-over-year. February is traditionally the slowest month of the year because of Lunar New Year factory shutdowns in Asia and the lull between retailers’ holiday and summer seasons.

March was estimated at 1.63 million TEU, up 5.9 per cent year-over-year. April is forecast at 1.75 million TEU, up 6.9 per cent; May at 1.9 million TEU, up 4 per cent; June at 1.89 million TEU, up 2 per cent; July at 1.96 million TEU, up 2.9 per cent, and August at 1.97 million TEU, up 4.3 per cent. The August number would be the highest since the record 2 million TEU set last October as retailers brought holiday merchandise into the country ahead of expected tariff increases.

“The US consumer, while more cautious, has not stopped spending,” Hackett Associates founder Ben Hackett said. “The inventory-to-sales ratio, however, is on the rise. Part of this can be attributed to the heavy front-loading of imports ahead of expected tariff increases that took place in 2018.”

US tariffs of 10 per cent on $200 billion worth of Chinese goods that took effect last September were scheduled to rise to 25 per cent in March, but the increase was postponed by President Trump, citing progress in talks between Washington and Beijing. The tariff increase has been put on hold indefinitely while the negotiations continue.

Global Port Tracker, which is produced for NRF by the consulting firm Hackett Associates, covers the US ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast. (PC)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Retail | On 9th Jul 2020

UK unveils 2nd part of 3-phase plan for economic recovery

Chancellor of the exchequer Rishi Sunak recently announced a slew of...

Pic: lentamart / Shutterstock.com

Apparel/Garments | On 9th Jul 2020

Brooks Brothers files Chapter 11 bankruptcy proceedings

Brooks Brothers, America's oldest apparel company, recently announced ...

Pic: Sorbis / Shutterstock.com

Apparel/Garments | On 9th Jul 2020

Bangladesh apparel exports down 18.12% in FY20

Readymade garment exports from Bangladesh decreased by 18.12 per cent ...

Interviews View All

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Top executives, Indian retail players

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

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


July 2020

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


Advanced Search