While February is usually the slowest month of the year for imports, the number was the lowest since May 2020 when many factories in Asia, along with many U.S.-based retailers, were closed due to the pandemic.
By Q2 of 2022, retail inventories had risen 31% year over year. The retail inventory glut remained an ongoing issue last year. Retailers increased promotional activity to try and ease the backlog.
From a retail supply chain perspective, “last spring and summer were the busiest ever as consumers spent freely and retailers brought in merchandise to meet demand,” said Jonathan Gold, the NRF’s vice president for supply chain and customs policy.
