"Year-over-year import volumes have been on the decline at
most ports since late last year, and declining exports out of
China highlight the slowdown in demand for consumer goods,"
Hackett said.
"Our view is that imports will remain below recent levels
until inflation rates and inventory surpluses are reduced," he
said.
(Reporting by Lisa Baertlein in Los Angeles; editing by
Jonathan Oatis)
By Lisa Baertlein
LOS ANGELES, May 8 (Reuters) - Closely watched U.S.
retail trade forecasters on Monday lowered their import target
for the first half of 2023 and said they expect incoming ocean
container volume to remain soft going into this autumn - when
retailers like Walmart should be well into holiday
season preparations.
The Global Port Tracker now expects U.S. container imports
of 10.4 million 20-foot equivalent units (TEU) for the first
half of the year, a reduction of nearly 4% from its prior
forecast. If imports hit that new target, it would mark a 23%
drop from the first half of 2022, according to the forecast
released by the National Retail Federation and maritime trade
consultancy Hackett Associates on Monday.
Uncertainty spawned by high inflation, Federal Reserve
interest rate hikes and recent bank failures are weighing on
trade, Hackett Associates founder Ben Hackett said.
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