Los Angeles has become the first port in the Western Hemisphere to process 10m ten in a 12-month period. A pandemic-induced consumer buying surge that began last summer, along with restocking of retailer shelves and e-commerce warehouses across the country have fuelled the dramatic rise in imports.
Further American port handling records are likely to be broken all year. The National Retail Federation earlier this week boosted its outlook for the year, saying it anticipates “the fastest growth that we’ve seen in this country since 1984.”
Retail sales are expected to grow between 10.5% and 13.5% to an estimated total of $4.44trn to $4.56trn in 2021. That compares with $4.02trn in total retail sales in 2020 and $3.76trn in 2019.