U.S. Containerized Exports Reach Record High, up 6 Percent in 2011
NEWARK, N.J., Feb. 22, 2012 /PRNewswire/ -- U.S containerized exports in 2011 grew 6 percent over 2010 volumes, advancing to a new record annual total of 11.9 million 20-foot-equivalent units. A year-over-year decline of 0.2 percent in fourth quarter exports matched earlier forecasts by Mario O. Moreno, economist for The Journal of Commerce/PIERS.
This decline to 3,002,088 TEUs was due primarily to losses in fabrics, including raw cotton, down 29 percent; pet and animal feeds, down 12 percent; synthetic resins, and foam waste and scrap, both down 12 percent; and motor vehicles, down 7 percent. Losses in raw cotton and resins were spurred by a sharp deceleration in manufacturing in the Mediterranean, where U.S. containerized exports declined for the second consecutive quarter, to 136,599 TEUs.
Year-over-year exports to Northeast Asia rose 1 percent to 1.3 million TEUs, but this was down from a 12 percent growth in third quarter 2011.
Actual fourth quarter figures confirmed what led me to downgrade my 2012 export forecasts in early December: declining economic activity in Europe will have an adverse impact on U.S. container exports growth. Meanwhile, the dollar will keep the gains against the euro until all European fiscal uncertainties have cleared, Moreno said.
Moreno's prediction of a sharp deceleration in westbound trans-Pacific trade was also confirmed with Q3 growth of 11.4 percent slipping to a 0.8 percent year-over-year increase in Q4.
A full analysis of the JOC/PIERS findings is available online at www.joc.com.
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