Retailers are rushing to import goods as potential East and Gulf Coast port strikes and new tariffs loom. This early import surge aims to mitigate economic and consumer impacts heading into the new year.
Retailers Accelerate Imports Amid Uncertainty
Containerized imports through U.S. ports are surging as retailers and shippers race to beat potential disruptions from a looming longshore worker strike and tariff hikes by the incoming Trump administration. October imports reached 2.25 million TEUs (twenty-foot equivalent units), slightly down from September but 9.3% higher than October 2023, according to the Global Port Tracker by NRF and Hackett Associates.
The NRF, representing major retailers such as Walmart, Macy’s, and Target, noted that either a strike or broad-based tariffs could significantly harm the economy. Importing goods early is seen as a necessary precaution to protect businesses, consumers, and the national economy. NRF Vice President Jonathan Gold emphasized the importance of avoiding disruptions through strategic negotiations and tariff deployment.
Record Import Volumes Expected into 2025
The surge in imports is projected to continue into early 2025, with November and December import volumes forecasted at 2.17 million TEUs and 2.14 million TEUs, respectively—both up over 14% year-over-year. Total imports for 2024 are expected to hit 25.6 million TEUs, a 14.8% increase from 2023.
Intermodal rail container volumes have also set records, underscoring the strain on logistics networks. Looking ahead, January imports are forecasted to rise 12% year-over-year to 2.2 million TEUs, while February is expected to dip slightly due to Lunar New Year factory shutdowns in Asia.
Retailers and shippers are wisely taking proactive measures to shield themselves from impending disruptions. However, long-term solutions require strategic collaboration between labor, port employers, and policymakers to stabilize supply chains and support economic growth.
