Port Tracker: US imports steady in tariff turmoil

 IMPORT levels at US major container ports are expected to remain steady throughout the spring while American tariffs on foreign goods continue in flux.

According to the Global Port Tracker report released today by the National Retail Federation (NRF) and Hackett Associates, US ports covered by Global Port Tracker handled 2.22 million TEU in January, the latest month for which final numbers are available. That was up 4.4 per cent from December and up 13.4 per cent year on year.

Ports have not yet reported February's numbers, but Global Port Tracker projected the month at 2.07 million TEU, up 6.1 per cent year on year.

NRF notes that this would be the busiest February - traditionally the slowest month of the year because of Lunar New Year factory shutdowns in China - in three years. March is forecast at 2.14 million TEU, up 10.8 per cent year-over-year; April at 2.13 million TEU, up 5.7 per cent; May at 2.14 million TEU, up 2.8 per cent; June at 2.07 million TEU, down 3.2 per cent, and July at 1.99 million TEU, down 13.9 per cent.

US President Donald Trump announced a 10 per cent tariff on goods from China in February, then increased the amount to 20 per cent last week.

A 25 per cent tariff on goods from Canada and Mexico first announced in February was delayed until last Tuesday, then put on hold for a month for goods compliant with the US-Mexico-Canada Agreement trade pact signed during Trump's first administration.

"Retailers are continuing to bring as much merchandise into the country ahead of rising tariffs as possible," said NRF vice president Jonathan Gold.

"The on-again, off-again tariffs against Canada and Mexico won't have a direct impact on port volumes because most of those goods move by truck or rail.

"But new tariffs on goods from China that have already doubled from 10 per cent to 20 per cent are a concern, as well as uncertainty over &reciprocal' tariffs that could start in April. "Retailers have been working on supply chain diversification, but that doesn't happen overnight. In the meantime, tariffs are taxes on imports ultimately paid by consumers, not foreign countries, and American families will pay more as long as they are in place." Mr Gold said.The first half of the year is expected to total 12.78 million TEU, up 5.7 per cent from the same time last year. Imports during 2024 totalled 25.5 million TEU, up 14.7 per cent from 2023 and the highest level since 2021's record of 25.8 million TEU during the pandemic.Hackett Associates founder Ben Hackett said imports from all trading partners could also be affected by a new fee between $1 million and $1.5 million for each time a Chinese-built ship docks at a US port being considered by the Office of the US Trade Representative."Given that a significant portion of the global container fleet has been built in China, this means that there will be further costs that will be passed on to cargo owners and ultimately the consumer," Hackett said. "Carriers will likely make more use of larger vessels and consolidate calls at major ports rather than making multiple stops at smaller ports. Ports accommodated the surge in import volume in the final quarter of 2024 without major issues, but this will place additional pressure on the supply chain while also harming the nation's smaller ports."