Cargo imports at the nation’s major retail container ports are expected to be up 11 percent in March over the same month last year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“These numbers show solid increases over last year and are evidence that our nation’s economic recovery is continuing to build momentum,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Increases in imports are a clear sign that retailers expect sales to continue to climb in the next several months.”
Hackett Associates founder Ben Hackett said recent political turmoil in Egypt, Libya, Tunisia and elsewhere is driving up oil prices and will likely increase shipping costs.
“Oil supply is going down as a number of nations have dropped out of the production cycle,” Hackett said. “Freight rates have been decreasing but that will not last long as fuel costs are factored in.”
