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As retailers prepare for a possible port worker strike and Red Sea attacks ahead of a curtailed holiday shopping season, they are stoking a summer import rush to the US.
July container imports and freight rates rose, reflecting an earlier-than-usual peak season for the ocean shipping industry, which handles 80% of global trade.
Analysts predict July to be the top month for U.S. retailers, who account for half of total trade, and August to be virtually as strong.
To attract early holiday shoppers, importers of toys, home goods, and gadgets have started holiday deals. “Retailers don’t want to be caught back-footed,” said NRF supply chain and customs policy vice president Jonathan Gold.
Peter Sand, chief analyst at pricing platform Xeneta, said many shippers rushed seasonal goods orders, with some shipping Christmas items in May.
Experts say the surge is not attributable to consumer spending, which is tied to inflation and rising interest rates. Instead, it is a protection against a U.S. port strike and Thanksgiving’s late November 28 date, which cuts into the peak shopping and shipping season until Christmas Eve.
A difficult week ended well for Asian markets.
According to supply chain software company Descartes Systems Group, U.S. container imports reached 2.6 million 20-foot equivalent units in July, up 16.8% from the year before, partly due to record Chinese imports.
The CEO of Walmart’s U.S. business chairs the NRF, which also has Target, Macy’s and Saks CEOs on its executive committee. It predicts robust August imports. Walmart’s second-quarter earnings are released on Aug. 15.
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