WASHINGTON (BRAIN) — A new report shows that retailers — across all categories — are stocking up on Chinese consumer goods before the possibility of increased tariffs.
Imports at the nation’s major retail container ports have set two new records this summer and are expected to set another this month, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Tariffs on most consumer products have yet to take effect but retailers appear to be getting prepared before that can happen,” said Jonathan Gold, NRF’s vice president for supply chain and customs policy. “We’re seeing new record levels every month this summer. Much of that is to meet consumer demand as tax reform and a thriving economy drive retail sales, but part of it seems to be concern over what’s to come.”
Ports covered by Global Port Tracker handled 1.85 million Twenty-Foot Equivalent Units in June, the latest month for which after-the-fact numbers are available. That was up 1.6 percent from May and up 7.8 percent year-over-year. A TEU is one 20-foot-long cargo container or its equivalent.
July was estimated at 1.88 million TEU, up 4.4 percent year-over-year. August is forecast at 1.91 million TEU, up …read more