WATERLOO, Ontario — December 15, 2024
The latest Global Shipping Report from Descartes Systems Group, a leader in logistics software solutions, provides a comprehensive analysis of U.S. import data for November 2024. The 40th edition of the report reveals that while seasonal factors have led to a slowdown, the overall import market remains strong, though potential risks loom from tariff policy changes, labor negotiations, and geopolitical conflicts.
Overall Import Volume: Steady Growth After Seasonal Adjustment
The report shows U.S. container imports reached 2,368,758 TEUs (twenty-foot equivalent units) in November, marking a 5% decrease from October. However, compared to November 2023, imports grew by 12.3% , demonstrating sustained demand. This growth breaks a four-month streak of imports exceeding 2.4 million TEUs—a threshold that historically strains U.S. port logistics, as seen during the pandemic.
More strikingly, November's import volume represents a 24.6% increase over pre-pandemic levels in November 2019. The 5% month-over-month decline aligns with typical seasonal patterns and is less severe than the 9% drop recorded in November 2023, further underscoring the market's resilience.
Year-to-Date Totals: Surpassing 2023's Full-Year Volume
Through November 2024, cumulative U.S. imports reached 25,829,192 TEUs , exceeding 2023's annual total by 871,552 TEUs (a 3.5% increase ). This confirms stronger import performance throughout 2024.
U.S.-China Trade: Moderate Cooling but Still Strong
Imports from China totaled 887,781 TEUs in November, down 7.5% from October's 960,016 TEUs but up 13.3% year-over-year. Notably, monthly imports from China had exceeded 900,000 TEUs for five consecutive months prior to November—a threshold never reached in all of 2023.
Jackson Wood , Descartes' Director of Industry Strategy, observed: "November typically underperforms October, but this year's month-over-month decline was the smallest in six years. While early shipments to mitigate labor disputes or tariff changes remain possible, 2024 has shown unusually robust import volumes during peak season and sustained growth throughout the year."
Emerging Risks: Tariffs, Labor Talks, and Geopolitics
The report warns of potential disruptions from new tariffs, stalled contract negotiations between the International Longshoremen's Association (ILA) and the U.S. Maritime Alliance (USMX) , and ongoing Middle East conflicts—all of which could pressure global supply chains.
Key Additional Findings
Top 10 U.S. Ports: Aggregate imports fell 6.6% (140,242 TEUs), with Tacoma as the only gainer ( +6.6% ). Los Angeles (-2.8%), Long Beach (-13.4%), and New York/New Jersey (-12.4%) saw the steepest declines.
Top 10 Origin Countries: Combined imports dropped 6.4% (116,104 TEUs). Germany (+5,950 TEUs) and Italy (+3,693 TEUs) grew most, while China (-72,335 TEUs), Vietnam (-27,148 TEUs), and Thailand (-12,774 TEUs) declined sharply.
Port Delays: Transit times lengthened by 1 day at Los Angeles and Long Beach but shortened by 0.9 days in Houston.
Analysis and Outlook
Descartes' report highlights both the strength and vulnerabilities of U.S. import markets. Seasonal adjustments, U.S.-China trade dynamics, and geopolitical risks will continue shaping supply chains. For logistics managers, adapting to these evolving conditions is critical for maintaining competitiveness.