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US import volumes shrink in February but outlook looks good: NRF
THE latest monthly Global Port Tracker report by the National Retail Federation (NRF) and Hackett Associates shows that import volumes at major container ports in the United States are expected to continue their recent growth throughout the second quarter of 2017 compared with the same period a year ago thanks to an improving national economy.
The rosy outlook comes as major container ports in the US reported handling 1.43 million TEU in February 2017, the latest month for which after-the-fact numbers are available, down 14.3 per cent from January and seven per cent from the previous February.
NRF noted February is historically the slowest month of the year for cargo imports, coming just after the winter holiday season, before retailers begin to stock up on summer merchandise, and during Lunar New Year, when many Asian factories shut down for a week or more.
The report forecasts March volumes at 1.61 million TEU, a 21.5 per cent from "unusually low" numbers last year, when Lunar New Year came a week later than in 2017; April at 1.59 million TEU, up 10.3 per cent; May at 1.68 million TEU, up 3.5 per cent; June at 1.66 million TEU, up 5.3 per cent; July at 1.71 million TEU, up 5.1 per cent; and August at 1.74 million TEU, up 1.6 per cent from last year.
Should those projections prove accurate, cargo volumes will grow 7.3 per cent year over year for first half 2017 to 9.6 million TEU, more than four times the 1.6 per cent growth seen in the first half of 2016. NRF said import volumes grew 3.1 per cent year over year to 18.8 million TEU for the full year in 2016.
NRF previously forecast 2017 retail sales - excluding automobiles, gasoline and restaurants - to increase between 3.7 and 4.2 per cent over 2016 thanks to job and income growth and low debt. Although cargo volumes do not correlate directly to sales, volumes do serve as a barometer of retailersexpectations, NRF said.
"Consumers are spending more, and these import numbers show that retailers expect that to continue for a significant period," said NRF vice president Jonathan Gold.
"This is a clear sign that the economy has long-term momentum regardless of month-to-month fluctuations. Whether it's merchandise for store shelves or parts for US factories, imports play a vital role in American prosperity," he said.
The US ports covered in the report are Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades, Miami and Houston.
CMA CGM hikes rates on cargo from Asia to Latin America in May
FRENCH shipping giant CMA CGM has announced its latest rate increases from Asia to Latin America.
The first increase, $500 per TEU, will take effect on May 1 and apply to all cargo from Asia to east coast of South America.
The second, $1,050 per TEU and $1,500 per standard FEU and FEU high cube, will take effect on May 15 and apply to cargo from Asia to the Caribbean and Cuba on the PEX2 service.
The rosy outlook comes as major container ports in the US reported handling 1.43 million TEU in February 2017, the latest month for which after-the-fact numbers are available, down 14.3 per cent from January and seven per cent from the previous February.
NRF noted February is historically the slowest month of the year for cargo imports, coming just after the winter holiday season, before retailers begin to stock up on summer merchandise, and during Lunar New Year, when many Asian factories shut down for a week or more.
The report forecasts March volumes at 1.61 million TEU, a 21.5 per cent from "unusually low" numbers last year, when Lunar New Year came a week later than in 2017; April at 1.59 million TEU, up 10.3 per cent; May at 1.68 million TEU, up 3.5 per cent; June at 1.66 million TEU, up 5.3 per cent; July at 1.71 million TEU, up 5.1 per cent; and August at 1.74 million TEU, up 1.6 per cent from last year.
Should those projections prove accurate, cargo volumes will grow 7.3 per cent year over year for first half 2017 to 9.6 million TEU, more than four times the 1.6 per cent growth seen in the first half of 2016. NRF said import volumes grew 3.1 per cent year over year to 18.8 million TEU for the full year in 2016.
NRF previously forecast 2017 retail sales - excluding automobiles, gasoline and restaurants - to increase between 3.7 and 4.2 per cent over 2016 thanks to job and income growth and low debt. Although cargo volumes do not correlate directly to sales, volumes do serve as a barometer of retailersexpectations, NRF said.
"Consumers are spending more, and these import numbers show that retailers expect that to continue for a significant period," said NRF vice president Jonathan Gold.
"This is a clear sign that the economy has long-term momentum regardless of month-to-month fluctuations. Whether it's merchandise for store shelves or parts for US factories, imports play a vital role in American prosperity," he said.
The US ports covered in the report are Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades, Miami and Houston.
CMA CGM hikes rates on cargo from Asia to Latin America in May
FRENCH shipping giant CMA CGM has announced its latest rate increases from Asia to Latin America.
The first increase, $500 per TEU, will take effect on May 1 and apply to all cargo from Asia to east coast of South America.
The second, $1,050 per TEU and $1,500 per standard FEU and FEU high cube, will take effect on May 15 and apply to cargo from Asia to the Caribbean and Cuba on the PEX2 service.
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