2020 US Retail Imports Exceeded Expectation Amid Pandemic

 

Even with retail struggling through a difficult 2020 in the wake of the COVID-19 pandemic, a monthly Global Port Tracker report, published by NRF and Hackett Associates, suggests that the United States may still set records for retail imports.

These imports are measured in Twenty-Foot Equivalent Units, or TEU, which equal roughly one shipping container, and 2020 has been said to have seen a record 21.9 million TEU, up 1.5% from 2019.

These trends are expected to continue into 2021, as well – so what does that say about the state of the retail industry and the U.S.’s relationship with foreign goods and raw materials?

Jason Prescott, CEO of JP Communications, joined this MarketScale industry update with host Daniel Litwin to share his thoughts.

In the short term, according to the US Bureau of Economic Analysis, “imports of goods increased $6.3 billion to $214.1 billion in November.” This growth was led by consumer goods, specifically electronics and household goods. Industrial supplies and capital goods also saw import growth.

Prescott & Litwin dove into how growth in consumer goods and electronics will drive retail strategies in 2021 and beyond, the impact of the U.S. embracing its role as an import economy, the top partners that drove record imports in 2020, and how retailers should be examining their supply chains with all of this information in the back of their minds.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Latest

Using Registries to Prevent Opioid Use
December 8, 2021
PDMP and EPCS are two emerging abbreviations essential to curbing the current opioid epidemic. David McFarlane, Marketing Communications Manager with Medsphere, and Host Tyler Kern discussed what they are and Read more
The Intricacies of Interior Design in Medical Furnishing: Champions of Care
December 8, 2021
  One thing that's very important but doesn't take a prominent role in healthcare settings is furniture. It plays a significant role in patient care when it comes to looks, comfort, and functionality. An Read more
Deconstruction with VCC: The Foundational Considerations of Good Field Safety Leadership
December 8, 2021
  “We expect that someone can do the job they were hired to do, but we need to always get all workers up to speed on safety topics.” In any project or initiative, those leading it set the tone. When Read more