Georgia, November 11, 2024 -- Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its November Global Shipping Report for logistics and supply chain professionals. The report shows that October U.S. container imports were 2,494,635 twenty-foot equivalent units (TEU), marking the fourth consecutive month of volumes exceeding 2.4 million TEUs, a threshold that has historically strained U.S. maritime logistics. At seven of the top 10 U.S. ports, transit time delays increased in October, including at the top five East and Gulf Coast ports where port operations were disrupted by the three-day International Longshoreman’s Association (ILA) strike at the beginning of the month. The October update of the logistics metrics monitored by Descartes underscores the robust performance of container imports throughout 2024; however, elevated volumes, increasing transit time delays at top ports, and the ongoing conflict in the Middle East may put pressure on global supply chains throughout the balance of the year.
October volumes remain elevated, though diverge slightly from traditional month-over-month seasonal increase.
At 2,494,635 TEUs, October 2024 volumes were up 8.1% over October 2023 and 20.5% over pre-pandemic 2019. For the first 10 months of 2024, volumes grew by 13.1% over the same period in 2023 and by 16.9% over the same period in 2019. By contrast, volumes for the first 10 months of 2023 grew by just 3.4% over 2019, underscoring again the impressive performance of container imports in 2024.
Compared to September 2024, October volumes were down by 1%. While modest, this decrease reverses the trend seen in each of the previous six years where import volumes increased from September to October due in part to October being one day longer and having no major holidays. While October volumes remain elevated, the small month-over-month decrease could stem from contingency planning for labor unrest at East and Gulf Coast ports and more front-loading of volumes by U.S. importers from August through September.
“While four months of elevated container import volumes illustrates the continued strength of U.S. imports, port operations may be starting to feel the impact with transit time delays increasing at the majority of the top 10 U.S. ports in October,” said Jackson Wood, Director, Industry Strategy at Descartes. “U.S. trade with China also remains strong with October imports at 960,016 TEUs, which is the fifth month in 2024 where imports from China have exceeded 900,000 TEUs.”
The November report is Descartes’ thirty-ninth installment since beginning its analysis in August 2021. To read past reports, learn more about the key economic and logistics factors driving global shipping, and review strategies to help address it in the near-, short- and long-term, visit Descartes’ Global Shipping Resource Center.
About Descartes
Descartes is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.