ATLANTA, Georgia, March 16, 2022 (GLOBE NEWSWIRE) -- Descartes Systems Group (Nasdaq: DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released its March report on the ongoing global shipping crisis and analysis for logistics and supply chain professionals. The report shows continued strong U.S. ocean container import volumes in February and strong economic indicators that, combined with recent geopolitical conflict, suggest continuing levels of disruption for global supply chains in 2022.
February continued the very strong start to 2022 with another record for container import volume (see Figure 1). Container import volume was down 3% from January 2022, but up 12% from January 2021 and 38% from February 2020. Considering that February this year was 3 days shorter than January, which equates to 9.7% fewer days to process shipments, it was actually a stronger import month than January. Another month effectively exceeding the 2.4 million container import mark indicates that the chronic supply chain disruptions (e.g., delays, variability, etc.) that importers and the logistics community have been experiencing are not abating in the short-term.
Figure 1. U.S. Container Import Volume Year-over-Year Comparison
Source: Descartes Datamyne™
“The latest reported personal consumption expenditures show strong demand for goods (see Figure 2), especially durable goods which rose 9.7%. This will put more pressure on the U.S. logistics infrastructure in 2022; however, the consistent increase in inflation and the Russia/Ukraine conflict could dampen demand but cause other challenges,” said Chris Jones, EVP Industry & Services at Descartes. “We believe importers and logistics services providers will face a congested, disrupted, expensive and frustrating 2022 and must strategically consider the longer-term impacts of the ongoing crisis in global shipping.”
Figure 2: Personal Consumption Metrics
Source: U.S. Federal Reserve Economic Data & Descartes
The March report is Descartes’ eighth 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.
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
Tel: +1(800) 419-8495 ext. 202025
Cautionary Statement Regarding Forward-Looking Statements
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 may 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 May 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 may 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.