Commerce giants like Walmart and Target have recently gone on record to say that they’ve canceled billions of dollars in orders to help align their inventories with expected demand. Regardless, U.S. import activities remain at all-time highs. According to data released by Descartes, the world’s largest database of import trade statistics, U.S. imports were up 3% in July from 2019, pre-pandemic numbers. It was the best July on record, with volumes up 2% from June. July marked the fifth-highest monthly volume ever recorded by Descartes, and experts say that import volumes continue to look strong midway through August. Despite the excess in inventories held by retailers like Walmart and Target, consumer demand remains strong. July retail sales, when adjusted for inflation and seasonality, were up .5% from June and .3% for year over year. An article published by American Shipper provides an in-depth look into the demand and growth of U.S. imports.
To read the article, click here.