WASHINGTON (dpa-AFX) - While the U.S. container import volumes continue to remain below last year, the impact of COVID-19 on imports appears to be easing, according to the Global Port Tracker report released by the National Retail Federation or NRF and maritime consultancy Hackett Associates.
The report added that while the projected import figures are below last year's levels, they are better than previously forecast.
'The numbers we're seeing are still below last year, but are better than what we expected a month ago. It may still be too soon to say but we'll take that as a sign that the situation could be slowly starting to improve,' said Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy.
According to the Global Part Tracker, the U.S. ports surveyed in the report handled 1.61 million Twenty-Foot Equivalent Units or TEU in April, the latest month for which figures are available. A TEU is one 20-foot-long cargo container or its equivalent.
While the April number represents a 7.8 percent decrease from last year, it is also a 17 percent jump from a four-year low in March, and is better than the 1.51 million TEU expected previously.
Similarly, the projected number for U.S. retail imports in May, June and July are down in double-digits from the prior-year period, but better than earlier estimates.
The report added that for the six-month period from April through September, U.S. retail imports are expected to total 9.74 million TEU, up 3 percent from the 9.46 million TEU expected a month ago.
For the first half of 2020, container import volumes are projected to decline 10 percent from the year-ago period to 9.46 million TEU, but represent an improvement over the 9.15 million TEU expected a month ago.
Prior to the onset of the COVID-19 pandemic, Global Port Tracker had estimated imports for the first half of the year to be 10.47 million TEU.
Hackett Associates Founder Ben Hackett noted that a rapid return to an economic boom in the U.S. is unlikely due to the difficulty in getting 40 million people back to work amid the fear of catching the coronavirus.
In early June, NRF Chief Economist Jack Kleinhenz said it was too early to say how quickly or smoothly the U.S. economy would stage a recovery following the 'sizable disruptions' due to the coronavirus pandemic. However, he noted that the reopening of businesses and the resumption of economic activity is a significant step forward.
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