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US July imports hit 11-month high, portending year-on-year growth
来源：shippingazette 编辑：编辑部 发布：2023/08/29 16:49:44
IN July, imports from Asia to the US continued their upward trend for the fifth consecutive month, reaching 1.46 million TEU, reports New York's Journal of Commerce.
This figure marked the highest point since September of the prior year, hinting at the growing likelihood of the eastbound transpacific trade witnessing year-on-year import growth during the approaching fall season.
Comparing July's import numbers with the 2023 low of 1.08 million TEU recorded back in February and repeated in March, a remarkable surge of over 35 per cent was observed, as reported by PIERS data.
The recently unveiled data from PIERS also highlighted the decline in the west coast's share of Asian imports over 13 months, characterised by contentious contract negotiations between the International Longshore and Warehouse Union (ILWU) and waterfront employers.
The proportion of Asian imports arriving at west coast ports dwindled to 53.1 per cent in July, a drop from June's 59.3 per cent and the lowest level seen since the prior November.
Notably, this share stood at 60.4 per cent at the outset of longshore contract discussions in May 2022.
Although the total imports from Asia in July demonstrated a decline of 10.1 per cent compared to July 2022, PIERS indicates that the possibility of a return to year-on-year import growth remains high for September or October, buoyed by the entry of peak season import volumes into the country.
July's 1.46 million TEU of Asian imports came close to the 1.48 million TEU imported in September of the preceding year, surpassing the 1.4 million TEU noted in October 2022.
The August Global Port Tracker by the National Retail Federation projected that all US imports in October could experience only a one per cent decline from the numbers seen in October 2022.
Furthermore, port tracker forecasted an eight per cent rise in November imports compared to November 2022, with December's imports expected to be 10.7 per cent higher than the same month in the previous year.
As imports have gained momentum, spot rates have seen a parallel surge, doubling from late June to US$2,137.50 per FEU bound for the west coast as of August 17, according to Platts.
This figure marked the highest point since September of the prior year, hinting at the growing likelihood of the eastbound transpacific trade witnessing year-on-year import growth during the approaching fall season.
Comparing July's import numbers with the 2023 low of 1.08 million TEU recorded back in February and repeated in March, a remarkable surge of over 35 per cent was observed, as reported by PIERS data.
The recently unveiled data from PIERS also highlighted the decline in the west coast's share of Asian imports over 13 months, characterised by contentious contract negotiations between the International Longshore and Warehouse Union (ILWU) and waterfront employers.
The proportion of Asian imports arriving at west coast ports dwindled to 53.1 per cent in July, a drop from June's 59.3 per cent and the lowest level seen since the prior November.
Notably, this share stood at 60.4 per cent at the outset of longshore contract discussions in May 2022.
Although the total imports from Asia in July demonstrated a decline of 10.1 per cent compared to July 2022, PIERS indicates that the possibility of a return to year-on-year import growth remains high for September or October, buoyed by the entry of peak season import volumes into the country.
July's 1.46 million TEU of Asian imports came close to the 1.48 million TEU imported in September of the preceding year, surpassing the 1.4 million TEU noted in October 2022.
The August Global Port Tracker by the National Retail Federation projected that all US imports in October could experience only a one per cent decline from the numbers seen in October 2022.
Furthermore, port tracker forecasted an eight per cent rise in November imports compared to November 2022, with December's imports expected to be 10.7 per cent higher than the same month in the previous year.
As imports have gained momentum, spot rates have seen a parallel surge, doubling from late June to US$2,137.50 per FEU bound for the west coast as of August 17, according to Platts.