U.S. Container Imports Show Robust Performance in January.

According to data released by Descartes Systems Group based on U.S. customs filings, U.S. container import volumes recorded the most significant month-over-month gain in January 2024 in the last seven years. Overall, U.S. container imports in January were up 7.9% month-over-month and 9.9% year-over-year.

Chinese imports were a key driver of growth, increasing by 14.9% m/m, partly due to cargo owners rushing to get goods shipped out before the Lunar New Year holiday. Southern California ports gained the largest share of the Chinese import surge. Volumes to Long Beach were up by 15.1% m/m in January. The Port of Los Angeles saw volumes increase by 21.1% m/m.

U.S. East and Gulf Coast ports experienced mixed results. Imports to the Port of New York and New Jersey rose 6.8% m/m from December. The Port of Norfolk, Virginia, recorded a 5.1% m/m increase in volumes while the Port of Baltimore registered a 3.4% m/m gain. The remaining ports in the region saw a slowdown in volumes with the Port of Savannah, Georgia, declining by -0.2% m/m while import volumes at the Port of Houston declined by -3.6% m/m.

In addition to the Red Sea conflict and Panama Canal drought, Descartes warned of the potential for more supply chain disruptions in 2024. These include upcoming labor negotiations at the U.S. East and Gulf Coast ports, the health of the U.S. economy and increased port transit times. The emergence of new coronavirus variants would also place more stress on global supply chains.

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