Home / Knowledge / News / Retail / Retail imports surged in Nov ahead of Dec tariffs: NRF

Retail imports surged in Nov ahead of Dec tariffs: NRF

10
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Volume at US’s major container ports surged in November as retailers imported merchandise ahead of new tariffs set to take effect this month, according to Global Port Tracker report released by National Retail Federation (NRF) and Hackett Associates. NRF, world’s largest retail trade association, advocates for people, brands, policies that help retail thrive.

“At this point, holiday merchandise is already in the country, so the direct impact of new tariffs won’t be seen until the season is over,” NRF vice president for supply chain and customs policy Jonathan Gold said. “Nonetheless, tariffs are bad for both consumer and business confidence, and we hope that the December tariffs will be cancelled or postponed as a sign of good faith. We need a deal with China as soon as possible so we can bring an end to the trade war that has put a drag on the US economy for far too long.”

President Trump announced a tentative agreement on a partial trade deal with China in October, but the measure has yet to be finalised and a new round of tariffs on consumer goods is still scheduled to take effect December 15.

“The US consumer has shrugged off the slowdown in the economy,” Hackett Associates founder Ben Hackett said. “Even though growth has slowed, low unemployment and higher wages have helped bolster purchases and, thereby, imports for consumer goods.”

Nonetheless, the trade war is “one of the factors that is impacting our forward-looking models as we continue to show slower long-term growth in import volumes,” Hackett said.

US ports covered by Global Port Tracker handled 1.88 million Twenty-Foot Equivalent Units (TEU) in October, the latest month for which after-the-fact numbers are available. That was up 0.6 per cent from September but down 7.5 per cent from the all-time monthly record of 2 million TEU in October 2018. TEU is one 20-foot-long cargo container or its equivalent.

November jumped to an estimated at 1.95 million TEU, up 8 per cent year-over-year as retailers frontloaded imports ahead of the month’s scheduled tariffs. That was the highest number since 1.97 million TEU in August, when retailers did the same ahead of tariffs that took effect in September. December is expected to drop to 1.79 million TEU both because of the new tariffs and the usual falloff in imports as the holiday season winds down. The projected December number is down 8.9 per cent from high numbers seen a year ago during a similar pattern of bringing in merchandise ahead of new tariffs.

The first half of 2019 totalled 10.5 million TEU, up 2.1 per cent over the first half of 2018, and 2019 is expected to see a new annual record of 21.9 million TEU. That would be up 0.8 per cent from last year’s previous record of 21.8 million TEU.

January 2020 is forecast at 1.87 million TEU, down 1.2 per cent from January 2019. February – traditionally the slowest month of the year because of Lunar New Year factory shutdowns in Asia – is forecast at 1.62 million TEU, down 0.3 per cent from a year ago. March is forecast at 1.76 million TEU, up an unusually high 9.2 per cent because of fluctuations in the Lunar New Year calendar, while April is forecast at 1.84 million TEU, up 5.6 per cent year-over-year.  

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.

Hackett Associates provides expert consulting, research and advisory services to the international maritime industry, government agencies and international institutions.

Fibre2Fashion News Desk (PC)


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Feb 2020

Bangla Tariff Commission fears grave impact on China trade

The impact of the coronavirus outbreak on Bangladesh-China trade is...

Pic: Shutterstock

Textiles | On 26th Feb 2020

UK risks losing up to 14% of exports to EU if no deal: UN

Non-tariff measures could cause major fractures in post-exit UK-EU...

Pic: Shutterstock

Textiles | On 26th Feb 2020

Turkey's textile industry employs 1.67 mn: minister

Turkey's textile and garment industry currently employs around 1.67...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Top executives, Textile industry

Top executives
Textile industry

Sustainable fashion is also ‘slow fashion’

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Cem Erdogrul,

Cem Erdogrul

Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

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

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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


February 2020

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


Advanced Search