The numbers are in, and consumer demand is insatiable.
According to the National Retail Federation and Hackett Associates monthly Global Port Tracker, 2021 is headed toward a record finish for U.S. retail imports. The organizations say that this year should chart both the largest volume and fastest growth on record for ocean freight in Twenty-Foot Equivalent Units (TEU)
This month’s tracker forecasts an expected finish of 26 million TEUs, an 18% increase over last year.
“This has been an unprecedented year. We’ve seen more disruption than ever before because of issues along every step of the supply chain and continued strong consumer demand, but we’re also seeing more cargo and faster growth than ever before,” says NRF Vice President for Supply Chain and Customs Policy Jonathan Gold. “There are still ships to be unloaded and containers to be delivered, but everyone in the supply chain has worked overtime this year to try to overcome these challenges. For the most part, they have succeeded, and consumers will be able to find what they need for the holidays.”
Looking into next year, the NRF and Hackett Associations are forecasting further increases, starting with a projected 9% gain in January followed by a 7.3% spike in February.
