May 2024 U.S. container import volume continued its robust 2024 growth, increasing 6.2% from April and 11.9% when compared to the same month last year.
Imports from China again had a strong month, reaching the second highest monthly volume since January of 2023. Port transit delays continue to improve across the board as there has been little impact on East and Gulf Coast import volumes from either the Panama drought or the Middle East conflict. May’s update of logistics metrics monitored by Descartes reinforces the strength of imports since the beginning of 2024. Despite strong U.S. container imports, the risk of global supply chain disruptions remains high because of ongoing conditions at the Panama and Suez Canals, upcoming labor negotiations at U.S. South Atlantic and Gulf Coast ports, and the Middle East conflict.
In this Article...
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Month-over-month and year-over-year, U.S. economy proves to be robust again in May 2024
Versus May 2023, TEU import volume was up 11.9%, continuing to demonstrate exceptional year-over-year performance (see Figure 1). May 2024 U.S. container import volumes moved up from April 2024, increasing 6.2% to 2,346,382 twenty-foot equivalent units (TEUs).
Figure 1: U.S. Container Import Volume Year-over-Year Comparison
Source: Descartes Datamyne™
The April to May growth was in the middle of the range of the previous six years, ignoring the 2020 impact of the pandemic (see Figure 2).
Figure 2: April to May U.S. Container Import Volume Comparison
Source: Descartes Datamyne™
For the top 10 U.S. ports, container import volume in May 2024 increased 117,826 TEUs (6.1%) versus April 2024 (see Figure 3). The ports of New York (up 45,959 TEUs) and Long Beach (up 45,841 TEUs) experienced the greatest container volume increases from April. The Port of Los Angeles posted the largest volume decline, falling 26,399 TEUs (-6.3%).
Figure 3: April 2024 to May 2024 Comparison of Import Volumes at the Top 10 U.S. Ports
Source: Descartes Datamyne™
Chinese imports into the U.S. continued the strong rebound in May as imports grew to 890,760 TEUs. Compared to the August 2022 high of 1,003,725 TEUs, May 2024 Chinese imports are down 11.3%, but further narrowing the gap and up significantly from April 2024 (up 17.6%) (see Figure 4). The top two commodity codes (HS-2s) continued to be consumer-oriented goods such as HS-94 (Furniture, Bedding, etc.), HS-39 (Plastics and Articles Thereof). China represented 38.0% of the total U.S. container imports in April, an increase of 3.7% from April, but still down 3.5% from the high of 41.5% in February 2022.
Figure 4: May 2023 – May 2024 Comparison of U.S. Total and Chinese TEU Container Volume
Source: DescartesDatamyne
For the top 10 countries of origin (CoO), U.S. container import volume in May 2024 gained 146,526 TEUs, a 9.4% increase from April (see Figure 5). China had the lion’s share of the growth (133,619 TEUs or 17.6%). Imports from Japan (-11,189 TEUs) and Thailand (-9,602 TEUs) experienced the greatest volume decrease.
Figure 5: April 2024 to May 2024 Comparison of U.S. Import Volumes from Top 10 Countries of Origin
Source: DescartesDatamyne
East and Gulf Coast share advances versus the West Coast ports.
In May 2024, container import volume share at East and Gulf Coast ports grew from April as West Coast ports receded. Comparing the top five West Coast ports to the top five East and Gulf Coast ports in May 2024 to April 2024 showed that total container import volume at the top East and Gulf Coast ports increased to 44.6% (up 0.7%) of total container import volume, and the top West Coast ports decreased slightly to 42.1% (down 0.7%). Compared to smaller ports, share at the top 10 ports in May 2024 held constant at 86.7% (see Figure 6).
Figure 6: Volume Analysis for Top Ports, West Coast Ports and East and Gulf Coast Ports
Source: Descartes Datamyne
Overall port transit time delays shrink in May.
With two exceptions, the West Coast ports expanding and East Coast ports contracting, transit delays moved slightly in May 2024. The ports of Long Beach (2.8 days) and Charleston (2.7 days) saw the greatest increases while the ports of Seattle and Norfolk saw the greatest decreases (both 1.1 days).
Figure 7: Monthly Average Transit Delays (in days) for the Top 10 Ports (Mar. 2024 – May 2024)
Source: Descartes Datamyne™
Note: Descartes’ definition of port transit delay is the difference as measured in days between the Estimated Arrival Date, which is initially declared on the bill of lading,and the date when Descartes receives the CBP-processed bill of lading.
Panama Canal capacity continues to improve.
At the end of May, the Panama Canal Authority (ACP) announced that it would continue with its April 15th plans to move to 32 transits per day and increase from 31 transits prior to the maintenance work at the Gatun locks from May 7–15. The increase in slots will still be shy of the normal operating capacity of 36.
Israel-Hamas war continues to threaten trade through the Middle East.
The attacks and ongoing threats on shipping in the Red Sea by the Houthi from Yemen continue to force shippers to divert cargo that would traditionally move through the Suez Canal to longer and more expensive shipping lanes. Shipping concerns will likely increase if the Middle East is further destabilized.
Strong performance for Gulf Coast imports.
At 237,478 TEUs, import volumes at the Gulf Coast ports grew significantly in May compared to April (up 10.8%) (see Figure 8). Gulf Coast ports’ transit times were unchanged in May 2024.
Figure 8: June 2023 to May 2024 U.S. Gulf Coast Container Imports
Source: Descartes Datamyne™
