The National Retail Federation is forecasting at 15% decline in container imports for the first quarter of 2023. After peaking in May 2022, imports have been dropping because retailers have built up inventories earlier in 2022 after experiencing delays in 2021. Also, consumer demand has been slowing down as a result of higher inflation and interest rate hikes.
1. Import Decline Projected to Continue in Q1’23 Creating Lull at Ports, The Maritime Executive, Dec 8, 2022. Accessed Dec 19, 2022.