U.S. containerized imports up 7.2 percent year-to-date, drop in consumer goods offset by auto parts growth, JOC/PIERS data reveals
NEWARK, N.J., June 28 /PRNewswire/ -- U.S. imports measured by shipping volume grew 7.2 percent in the first five months of 2011 over the same period a year ago but the growth slowed down in May as economic expansion weakened, according to Journal of Commerce and PIERS Economist Mario O. Moreno.
Moreno, who forecasts a 4.7 growth for the year, said May imports increased 6 percent year-over-year to 1.5 million 20-foot-equivalent units (TEUs). A deepening real estate slump and persistently slim job creation prospects have slowed the pace of this growth, particularly in furniture and toys, key imports for the annual peak shipping season.
“The adverse impact of the sluggishness in the U.S. 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.
Home goods and toys typically account for a large percentage of total U.S. containerized import volume, but both commodities have felt the impact of cautious and financially strapped consumers. Slow home sales reduced furniture imports 2 percent in May to a total of 153,343 TEUs, while sheets, towels and blankets dropped 17 percent or 4,842 TEUs.
Toys fell for the fourth month running in May, declining 9 percent or 3,500 TEUs to a total of 36,096.
Imports of auto parts jumped 29 percent year-over-year to 53,574 TEUs, with auto and truck tires up 22 percent to 37,445 TEUs. Shipments from Japan, as factories rushed to make up for time lost following the Tohoku earthquake and tsunami, contributed greatly to the gain.
Imports from Northeast Asia advanced 4 percent year-over-year to 924,666 TEUs, followed by Northern Europe at 9 percent to 138,792 TEUs, and Southeast Asia at 10 percent growth to a total of 134,772 TEUs. Auto parts imports boosted trade volumes of both China, by 3.2 percent to 719,675 TEUs, and Japan, by 17 percent to 50,422 TEUs,
To view daily news visit www.joc.com. For all media enquires, including article reprints, contact Editorial Director Paul Page.
Since 1827, The Journal of Commerce has been the most trusted source of intelligence for international logistics executives to help them plan global supply chains and better manage day-to-day transportation of goods and commodities in the United States and internationally.
To become a member of The Journal of Commerce click here. JOC members have access to our weekly print and digital magazine and Web site, as well as a 10% discount on all JOC events and trade shows, UBM Global Trade Directories and select PIERS products. Authoritative editorial content in the form of daily news, weekly analysis and regular features ensure our members have the information and data necessary to understand the issues facing trucking, rail and maritime transportation. Members enjoy access to “By the Numbers,” an exclusive weekly compilation of key industry statistics that provides detailed views of current market trends across all modes. Regular market intelligence reports -- utilizing PIERS trade data -- include Top 100 Imports and Exporters, quarterly Top 40 Container lines, Trans-Pacific and Trans-Atlantic Maritime Forecasts and Top Container Ports and Terminals. Market-sector supplements, including Breakbulk, Cool Cargoes, 3PL, JOC Guide to Trucking and others, ensure all modes are comprehensively covered.
About UBM Global Trade
UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company’s portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of UBM plc, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-952-3839 (+1-973-776-8660 outside the U.S. or Canada).
CONTACT: Paul Page, The Journal of Commerce, Editorial Director, +1-202-355-1170, ppage@joc.com.
Moreno, who forecasts a 4.7 growth for the year, said May imports increased 6 percent year-over-year to 1.5 million 20-foot-equivalent units (TEUs). A deepening real estate slump and persistently slim job creation prospects have slowed the pace of this growth, particularly in furniture and toys, key imports for the annual peak shipping season.
“The adverse impact of the sluggishness in the U.S. 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.
Home goods and toys typically account for a large percentage of total U.S. containerized import volume, but both commodities have felt the impact of cautious and financially strapped consumers. Slow home sales reduced furniture imports 2 percent in May to a total of 153,343 TEUs, while sheets, towels and blankets dropped 17 percent or 4,842 TEUs.
Toys fell for the fourth month running in May, declining 9 percent or 3,500 TEUs to a total of 36,096.
Imports of auto parts jumped 29 percent year-over-year to 53,574 TEUs, with auto and truck tires up 22 percent to 37,445 TEUs. Shipments from Japan, as factories rushed to make up for time lost following the Tohoku earthquake and tsunami, contributed greatly to the gain.
Imports from Northeast Asia advanced 4 percent year-over-year to 924,666 TEUs, followed by Northern Europe at 9 percent to 138,792 TEUs, and Southeast Asia at 10 percent growth to a total of 134,772 TEUs. Auto parts imports boosted trade volumes of both China, by 3.2 percent to 719,675 TEUs, and Japan, by 17 percent to 50,422 TEUs,
To view daily news visit www.joc.com. For all media enquires, including article reprints, contact Editorial Director Paul Page.
Since 1827, The Journal of Commerce has been the most trusted source of intelligence for international logistics executives to help them plan global supply chains and better manage day-to-day transportation of goods and commodities in the United States and internationally.
To become a member of The Journal of Commerce click here. JOC members have access to our weekly print and digital magazine and Web site, as well as a 10% discount on all JOC events and trade shows, UBM Global Trade Directories and select PIERS products. Authoritative editorial content in the form of daily news, weekly analysis and regular features ensure our members have the information and data necessary to understand the issues facing trucking, rail and maritime transportation. Members enjoy access to “By the Numbers,” an exclusive weekly compilation of key industry statistics that provides detailed views of current market trends across all modes. Regular market intelligence reports -- utilizing PIERS trade data -- include Top 100 Imports and Exporters, quarterly Top 40 Container lines, Trans-Pacific and Trans-Atlantic Maritime Forecasts and Top Container Ports and Terminals. Market-sector supplements, including Breakbulk, Cool Cargoes, 3PL, JOC Guide to Trucking and others, ensure all modes are comprehensively covered.
About UBM Global Trade
UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company’s portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of UBM plc, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-952-3839 (+1-973-776-8660 outside the U.S. or Canada).
CONTACT: Paul Page, The Journal of Commerce, Editorial Director, +1-202-355-1170, ppage@joc.com.