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,

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