ATLANTA, Georgia, August 17, 2022 -- Descartes Systems Group (Nasdaq: DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released its August report on the ongoing global shipping crisis and analysis for logistics and supply chain professionals. The report shows July was the seventh consecutive month this year of record U.S. ocean container import volume versus July 2021. July 2022 volumes increased over June 2022 totals and remain above the level that has caused port congestion and delays for the last 17 months. The economy, inflation, and high fuel costs have yet to slow down import volumes, and an increase in wait times for ships arriving at East and Gulf Coast ports continue to make managing supply chain performance challenging.
Container imports into the U.S. set another monthly record (see Figure 1), as TEU volume was up 3% from July 2021 to 2,530,906 and up 15% from pre-pandemic July 2019. Every month in 2022 has been a record month when compared to previous years. In July, container import volume reversed its June decline and was up 2% versus July 2021.
“The record July numbers show that the U.S. economy, inflation and high fuel costs have not had the anticipated adverse effect on container import volume,” said Chris Jones, EVP Industry & Services at Descartes. “This continued higher volume and shift from West Coast ports is increasing delays at major East and Gulf Coast ports (see Figure 2) and the number of ships waiting on the water, which will make global supply chain performance more unpredictable.”
The August report is Descartes’ thirteenth installment since beginning its analysis in August 2021. To read past reports, learn more about the key economic and logistics factors driving the global shipping crisis, and review strategies to help address it in the near-, short- and long-term, visit Descartes’ Global Shipping Crisis Resource Center.
About Descartes
Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.
Global Media Contact
Cara Strohack
Tel: +1(800) 419-8495 ext. 202025
cstrohack@descartes.com
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This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relate to Descartes' solution offering and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that August cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, "Certain Factors That August Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes most recently filed management's discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information August not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
