U.S. container imports fell 6% in February from January, a better-than-expected performance as the industry enters its off-season.
The latest monthly report from supply chain and logistics technology company Descartes showed that imports of 2.14 million 20-foot equivalent units increased 23.3% year-on-year in February. This growth is real but more dramatic than it seems.
Last year, the Chinese Lunar New Year started on January 22. The holiday celebrations include an eight-day holiday, which has led to a temporary shutdown of the country's manufacturing industry. This means the impact on imports will be filtered into February 2023 data. At the same time, this year's Spring Festival holiday starts on February 10, which actually postpones the Spring Festival holiday to March.
According to Descartes, excluding the Lunar New Year factor and comparing only the first 15 days of February, the U.S.'s annual import growth rate is about 13%. The adjustment provides a clearer picture of underlying trade flows, another positive sign for post-pandemic growth.
Meanwhile, East Coast and Gulf Coast ports have increased their share of import volumes, accounting for 44% of total U.S. imports.
Improvements in port transit times, particularly at East Coast ports in February, are further shaping the U.S. import landscape. These improvements can be attributed to reduced port congestion, lower import volumes, and improved processing efficiency. However, East Coast ports are still prone to longer delays than West Coast ports.
While the U.S. economy is showing resilience across various sectors, indicating underlying growth in import demand, caution is warranted due to recent global risks that threaten supply chains, shipping capabilities, and cost dynamics.
With the continuous development of global trade, U.S. freight imports have recently shown a significant growth trend. Faced with this challenge and opportunity, various players in the logistics industry are seeking more efficient and smarter solutions to cope with the growing freight demand.
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