Descartes Systems Group’s August Global Shipping Report reveals a significant increase in U.S. container imports for July 2024, marking the third-highest monthly volume on record.
The report highlights that July container volumes into the U.S. were only surpassed by peak volumes during the pandemic surge in May 2022 and March 2022.
July’s U.S. container import volumes rose by 11.2% from June 2024, reaching 2,556,180 twenty-foot equivalent units (TEUs). This marks the first time in 26 months that volumes have exceeded the 2.4 million TEU threshold that previously caused port congestion and delays during the pandemic. Compared to July 2023, TEU volume increased by 16.8% and by 16.3% versus pre-pandemic July 2019. The growth in import volume over the first seven months of 2024 is 15.6% higher than the same period in 2019.
July also saw a record 1,022,913 TEUs imported from China, a 14.7% increase over June totals and a 19.9% increase over July 2023. While West Coast ports experienced a slight increase in container import volume share, East and Gulf Coast ports remained flat compared to June.
The August update from Descartes underscores the robustness of U.S. container imports since the start of 2024. However, potential global supply chain volatility looms due to conflicts in the Middle East, stalled labor negotiations at U.S. South Atlantic and Gulf Coast ports, and reduced port capacity as container volumes gradually return to the Port of Baltimore.
“Despite July imports exceeding the 2.4 million TEU level that has stressed ports and inland logistics in the past, overall port transit times in July decreased from June, which is positive for importers,” said Jackson Wood, Director of Industry Strategy at Descartes. “U.S. imports from China reached a record high of 1,022,913 TEUs in July, up 14.7% over June and 25% over July 2023, contributing significantly to the month’s growth.”
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It was a relatively flat week for pricing on the major deepsea box shipping trades, with a scheduled mid-week general rate increase (GRI) failing to lift container spot rates on the headhaul eastbound transpacific route.
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