US container imports top pre-COVID levels

Photo: Jim Allen/FreightWaves

Despite initial concerns about declining U.S. imports, recent data from Descartes Systems Group paints a more optimistic picture. Since February, U.S. imports have steadily risen, reaching 2,203,452 twenty-foot equivalent units (TEUs) in September, marking a 0.3% increase from August and a substantial 27% surge from the February low observed during the Chinese New Year period.

Comparing the first nine months of 2023 to pre-COVID levels in 2019, imports were 2.5% higher. They also saw a 4.6% increase compared to the same period in 2018 and an 11.4% rise from January to September 2017. September 2023 imports notably exceeded pre-pandemic levels, spiking by 8% from 2019, 9% from 2018, and 15.5% from 2017, contrary to the typical September decline.

China remained the largest contributor, accounting for 39.3% of total imports in September, with a 4.2% increase from August. However, the drop in trans-Pacific spot rates suggests potential weakening in volumes for the fourth quarter. Retailers, who previously stockpiled to offset supply chain labor concerns, adjusted their full-year import forecast from 22.3 million TEUs to 22.1 million TEUs, still reflecting a 1.5% and 2.3% increase from the pre-COVID years of 2018 and 2019, respectively.

In summary, U.S. imports have displayed resilience and growth compared to pre-pandemic levels, primarily due to increased imports from China. Nonetheless, the declining spot rates hint at possible volume reductions in the upcoming months.

Read the full article at freightwaves.com.