With retailers well stocked after bringing in goods much earlier than normal this year, imports are slowing as the holiday season ramps up, National Retail Federation reports US retailers expect a busy holiday season in November and December, but imports at the nation’s major container ports are expected to continue to slow from records set earlier in the year, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates. “Cargo levels that historically peak in the fall peaked in the spring this year as retailers concerned about port congestion, port and rail labor negotiations and other supply chain issues stocked up far in advance of the holidays,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “With a rail strike possible this month, there are still challenges in the supply chain, but the majority of holiday merchandise is already on hand and retailers are well prepared to meet demand.” While consumers are still buying more, Hackett Associates Founder Ben Hackett said demand has fallen from peak consumption during the height of the pandemic. “We expect the flattening of demand that began around the middle of this year to continue into the first half of 2023,” Hackett said. “This will depress the volume of imports, which has already declined in recent months. Carriers have begun to pull services and are looking at laying up ships.” US ports covered by Global Port Tracker handled a record 2.4 million Twenty-Foot Equivalent Units – one 20-foot container or its equivalent – in May, but volume has seen a mostly steady decline since then. Ports processed 2.03 million TEU in September, the latest month for which final numbers are available, down 10.2% from August and down 4.9% from September 2021. Ports had not yet reported October’s numbers at the time of writing, but Global Port Tracker projected the month at 2.02 million TEU, down 8.5% year over year and more or less flat compared with the previous month. November is forecast at 1.92 million TEU, down 9.2% year over year and the lowest number since 1.87 million TEU in February 2021, the last time the monthly total fell below 2 million TEU. December is expected to drop to 1.9 million TEU, down 9% year over year. The first half of 2022 totaled 13.5 million TEU, a 5.5% increase year over year. The forecast for the remainder of the year would bring the second half to 12.3 million TEU, down 5.3% year over year. For the full year, 2022 is expected to total 25.86 million TEU, barely changed from last year’s annual record of 25.84 million TEU. January 2023 is forecast at 1.98 million TEU, down 8.4% from January 2022. February is forecast at 1.71 million TEU, down 19.1% from unusually high numbers last year, when backed-up cargo kept congested U.S. ports busy despite the annual Lunar New Year shutdown of Asian factories. With most congestion issues continuing to ease, the month is expected to be the slowest since 1.61 million TEU in June 2020. March is forecast at 1.99 million TEU, which would be an improvement from February but down 15.2% year-over-year. The cargo data comes as NRF forecasts that 2022 holiday retail sales will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion. Global Port Tracker, which is produced for NRF by Hackett Associates, provides historical data and forecasts for the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast.