Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its November Global Shipping Report for logistics and supply chain professionals. The report shows that October U.S. container imports were 2,494,635 twenty-foot equivalent units (TEU), marking the fourth consecutive month of volumes exceeding 2.4 million TEUs, a threshold that has historically strained U.S. maritime logistics. At seven of the top 10 U.S. ports, transit time delays increased in October, including at the top five East and Gulf Coast ports where port operations were disrupted by the three-day International Longshoreman’s Association (ILA) strike at the beginning of the month. The October update of the logistics metrics monitored by Descartes underscores the robust performance of container imports throughout 2024; however, elevated volumes, increasing transit time delays at top ports, and the ongoing conflict in the Middle East may put pressure on global supply chains throughout the balance of the year.
October volumes remain elevated, though diverge slightly from traditional month-over-month seasonal increase.
At 2,494,635 TEUs, October 2024 volumes were up 8.1% over October 2023 and 20.5% over pre-pandemic 2019. For the first 10 months of 2024, volumes grew by 13.1% over the same period in 2023 and by 16.9% over the same period in 2019. By contrast, volumes for the first 10 months of 2023 grew by just 3.4% over 2019, underscoring again the impressive performance of container imports in 2024.
Compared to September 2024, October volumes were down by 1%. While modest, this decrease reverses the trend seen in each of the previous six years where import volumes increased from September to October due in part to October being one day longer and having no major holidays. While October volumes remain elevated, the small month-over-month decrease could stem from contingency planning for labor unrest at East and Gulf Coast ports and more front-loading of volumes by U.S. importers from August through September.
“While four months of elevated container import volumes illustrates the continued strength of U.S. imports, port operations may be starting to feel the impact with transit time delays increasing at the majority of the top 10 U.S. ports in October,” said Jackson Wood, Director, Industry Strategy at Descartes. “U.S. trade with China also remains strong with October imports at 960,016 TEUs, which is the fifth month in 2024 where imports from China have exceeded 900,000 TEUs.”
The November report is Descartes’ thirty-ninth installment since beginning its analysis in August 2021.
Source: Descartes
