US containerised imports up 7.2% YTD
US imports by shipping volume grew 7.2% in the first five months of 2011 compared with the same period last year, but growth slowed down in May as economic expansion weakened, according to Journal of Commerce and PIERS Economist Mario Moreno.
Moreno, who forecasts growth of 4.7% for the year, said that May imports were up 6% 1.5 million TEU, compared with May last year.
"The adverse impact of the sluggishness in the US housing market is reflected in the falling of household-related goods imports. Higher inflation and unemployment are inducing a contraction in consumer spending of discretionary items and, as a result, retailers are importing less," Moreno said. While import volumes of home goods and toys dropped, auto parts increased by 29% to 53,574 TEU and tyres by 22% to 37,445 TEU. Shipments from Japan, as factories rushed to make up for time lost following the Tohoku earthquake and tsunami, contributed greatly to the gain.
US imports from Northeast Asia were up 4% year-over-year to 924,666 TEU, followed by Northern Europe at 9% to 138,792 TEU, and Southeast Asia at 10% to 134,772 TEU. Auto parts imports boosted China’s trade volumes by 3.2% to 719,675 TEU and Japan’s by 17% to 50,422 TEU.
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