Connect with us

Headlines

Import Cargo and Spending Growth Both Slowing

Shipping trend reflects retailers’ stocking up earlier this year, NRF finds.

mm

Published

on

Import Cargo and Spending Growth Both Slowing
PHOTOGRAPHY: SHansche/iStock.com

Import cargo volume at major U.S. container ports has already hit its expected peak for the year and should gradually slow headed into the holiday season, according to the latest Global Port Tracker report released by the National Retail Federation and Hackett Associates.

“Cargo volumes will still be strong the rest of the year, but not as high as we expected a month ago,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers stocked up early this year as a safeguard against supply chain labor issues and are well-situated to meet consumer demand. Shoppers are spending more than they did last year, but the rate of growth we’ve seen the past couple of years has slowed and retailers are working to strike the right balance of supply and demand.”

With consumers worried over  inflation and high interest rates – particularly for groceries, automobiles and mortgages – discretionary spending growth is slowing and retail cargo imports are expected to decline, Hackett Associates Founder Ben Hackett said. Consumer spending grew 1.8 percent year over year in the second quarter rather than the 2.3 percent originally estimated, and NRF said last month that retail sales for the year could come in at the low end of its forecast of 4%-6% year-over-year growth.

“We are already seeing this in the operational decisions carriers are making,” Hackett said. “They have slowed down their ships in an attempt to cut capacity without having to take vessels out of service as new, larger ones ordered when demand was higher are delivered. Even so, ships are not sailing fully loaded, and freight rates are declining as a result. That’s a further indication that no cargo growth from current levels is expected on the near-term horizon. Perhaps 2024 will be better.”

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

SPONSORED VIDEO

Turn Patients Into Loyal Eyewear Shoppers

80% of patients are browsing eyewear online, are you influencing patients online before your competition? Join thousands of practices thriving with Optify, voted the #1 optical sales tool by EyeVote. Empower your opticians to save time, increase optical revenue, and maximize your EHR data and website with a seamless optical plug-in that keeps patients buying from YOU! Now through August 31st receive a $25 UberEats® gift card when you complete a 15 min demo. Book your demo here..

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Advertisement

Most Popular

Link partner: indobet autowin88 vegasslot77 mantra88 ligasedayu warungtoto login sbobet vegas4d indobet ingatbola88 ligaplay dewagg hoki368 qqnusa ligagg zeus138 bro138 bos88 ligaciputra