Import demand continues to fall - Maritime data suggests shippers still struggling with demand• arclein
In May, this index predicted a huge drop-off in goods entering the country by declining 30% in a matter of weeks. The implication is that shippers realized they had too much stuff and nowhere to put it as consumer demand had eroded faster than expected. Inventory correction has been the theme of this year's shipper-initiative playbook because of this. Retailers specifically have struggled with a glut of goods ordered during a period where supply chain congestion made it nearly impossible to receive their orders in a predictable manner, thanks to unexpected demand spikes resulting from the pandemic lifestyle.