Reopenings spark US Asian import uptick, but is it a peak season hint?
US Asian imports increased 9
US Asian imports increased 9.5 per cent June from May to 1.27 million TEU in what some saw as the result of reopenings of stores and restaurants.
But year on year, imports from Asia declined in June despite the month-to-month gains from May, which may well been the annual uptick heralding the coming peak season.
US June imports from China, while higher month to month, were down 0.9 per cent from June 2019. Still, that was an improvement from the 16 per cent decline in imports in May from May 2019, reports IHS media.
China continues to underperform the rest of Asia because of the two-year-old US-China trade war. Imports from China totalled 855,722 TEU, up 13.8 per cent from May, according to PIERS.
US imports from Asia and China has been spotty as economy recovers. Year-on-year imports from Asia declined 18.3 per cent in March, 1.1 per cent in April, 16.5 per cent in May, and 3.7 per cent in June, according to PIERS. US imports from China declined 40.1 per cent in March, 10.4 per cent in April, and 16 per cent in May before the slight dip in June.