SIMIC

"Retailers are importing record amounts of merchandise to meet consumer demand, but they also have an incentive to stock up before inflation can drive costs higher," said NRF vice president Jonathan Gold said.

"Whether it's freight costs or the wholesale cost of merchandise, money retailers save is money that can be used to hold down prices for their customers during a time of inflation. In addition, retailers are preparing for any potential disruptions because of the west coast port labour negotiations, which are set to begin next week. Before the current agreement expires July 1," Mr Gold said.

US ports covered by Global Port Tracker handled 2.34 million TEU in March, the latest month for which final numbers are available. That was up 10.8 per cent from February and up 3.2 per cent year over year. It also topped the previous record of 2.33 million TEU set in May 2021 for the number of containers imported in a single month since NRF began tracking imports in 2002.

Ports have not yet reported April numbers, but Global Port Tracker projected the month at 2.27 million TEU, up 5.7 per cent from last year. May is forecast at 2.3 million TEU, which would be down 1.4 per cent from last year but nonetheless the third-highest level on record.

"Consumer spending is growing faster than income growth, perhaps as shoppers buy ahead of expected rising prices," Hackett Associates Founder Ben Hackett said. "Importers are doing much the same as they continue to replenish their inventories. Doing so will protect them against potentially rising freight costs, further delays in the supply chain and complications in upcoming labour negotiations at US west coast ports."

June is forecast at 2.29 million TEU, up 6.6 per cent from last year; July at 2.31 million TEU, up 5.3 per cent; August at 2.29 million TEU, up 0.9 per cent, and September at 2.15 million TEU, up 0.3 per cent.

The first six months of 2022 are expected to total 13.5 million TEU, up 5.1 per cent year on year. Imports for all of 2021 totalled 25.8 million TEU, a 17.4 per cent increase over 2020's previous annual record of 22 million TEU.

How to build a stronger and more sustainable supply chain will be addressed as retailers, industry experts and technology innovators meet at the NRF Supply Chain 360 conference in Cleveland in June.