US imports grow as recovery takes hold

Import cargo volume at the nation’s major retail container ports is expected to be up 11 percent in February over the same month last year and the first half of 2011 should be up six percent over the same period in 2010, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.


“Strong growth in 2010 has retailers cautiously optimistic that the economic recovery is finally taking hold,” NRF vice-president for supply chain and customs policy Jonathan Gold said.


“While high unemployment and rising commodity prices are cause for concern, retailers are encouraged by six consecutive months of retail sales gains and improved consumer confidence.”


US ports handled 1.14 million TEUs in December, the latest month for which actual numbers are available. That was down seven percent from November as the holiday season wound down, but up five percent from December 2009. It was the 13th month in a row to show a year-over-year improvement after December 2009 broke a 28-month streak of year-over-year declines.


January remained steady at 1.14 million TEU, a six percent increase over January 2010. February is forecast at 1.11 million TEU, up 11 percent over last year, with March at 1.16, up eight percent; April at 1.22 million TEU, up seven percent; May at 1.3 million TEU, up three percent, and June at 1.37 million TEU, up four percent.


The first half of 2011 is forecast at 7.3 million TEU, up six percent from the first half of 2010. That compares with 17 percent growth in the first half of 2010 over the first half of 2009.


For the full year, 2010 totaled 14.7 million TEU, a 16 percent increase over 2009. The percentages were high because 2009’s 12.7 million TEU was the lowest level seen since 2003.


“This year will see the return of the consumer as the main driving force of liner imports despite lingering high unemployment rates,” said Hackett Associates founder Ben Hackett.


“The short-term indicators that drive our model suggest that there will be solid growth this year but our caution is that the rate of growth seen in 2010 will not be repeated. We are projecting that annual growth will be in the seven to eight percent range.”
(Source:http://www.cargonewsasia.com)