US cargo imports are projected to experience their first year-over-year decline since 2023, primarily attributed to the impact of tariffs imposed on international trade. The National Retail Federation (NRF) and Hackett Associates' Global Port Tracker report indicates that the import volume is expected to drop significantly, reflecting shifts in supply chain dynamics and economic uncertainty. This decline marks a notable shift in a sector that has seen consistent growth over the past two decades, raising concerns among industry analysts and investors about the future trajectory of global trade.

The forecast for 2024 suggests a slight dip in global container imports, with expected volumes decreasing from 25.8 million TEUs in 2023 to 25.5 million TEUs. Factors contributing to this downturn include ongoing supply chain challenges, fluctuating consumer demand, and the broader economic landscape in key markets like the US and China. As companies adapt to these changes, the implications for shipping and logistics firms could be significant, potentially affecting their operational strategies and financial performance.