US-BOUND containerized freight imports again saw growth in April, while not at the same level as March, according to data recently issued by S&P Global Market Intelligence.
April imports, at 2,524,299 TEU, saw a 7.7 per cent annual increase, growing for the eighth consecutive month, following a 14-month stretch of annual declines, while up 8.5 per cent compared to pre-pandemic April 2019.
Annual growth in April was well short of March's 16 per cent annual gain. Imports grew 1.2 per cent from March to April, reports Framingham, Massachusetts' Logistics Management.
Year-to-date imports through April, at 10,066,072 TEU, were up 13.2 per cent annually, and up 11.3 per cent compared to the same period in 2019. S&P Global Market Intelligence added that April 2024 was 8.0 per cent below April 2022, the best April on record.
The company said that the slowdown in April's import growth was driven by consumer durable goods, which saw a 2 per cent annual increase, which included a 1 per cent gain in home furnishings and a 2 per cent gain in household appliances.
'Faster growth earlier in the year reflected a period of destocking in 2023 and is consistent with S&P Global Market Intelligence forecasts for growth of 7 per cent for the second quarter as a whole,' the report observed. The firm expects third and fourth quarter growth to come in at 4 per cent and 3 per cent, respectively.
In a recent interview, S&P Global Market Intelligence head of research Chris Rogers said that when looking at these estimates, one needs to bear in mind that the first quarter of 2023 was weak, making the annual comparison for the first quarter of this year very strong, while the back end of 2023 was more normalized.
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April imports, at 2,524,299 TEU, saw a 7.7 per cent annual increase, growing for the eighth consecutive month, following a 14-month stretch of annual declines, while up 8.5 per cent compared to pre-pandemic April 2019.
Annual growth in April was well short of March's 16 per cent annual gain. Imports grew 1.2 per cent from March to April, reports Framingham, Massachusetts' Logistics Management.
Year-to-date imports through April, at 10,066,072 TEU, were up 13.2 per cent annually, and up 11.3 per cent compared to the same period in 2019. S&P Global Market Intelligence added that April 2024 was 8.0 per cent below April 2022, the best April on record.
The company said that the slowdown in April's import growth was driven by consumer durable goods, which saw a 2 per cent annual increase, which included a 1 per cent gain in home furnishings and a 2 per cent gain in household appliances.
'Faster growth earlier in the year reflected a period of destocking in 2023 and is consistent with S&P Global Market Intelligence forecasts for growth of 7 per cent for the second quarter as a whole,' the report observed. The firm expects third and fourth quarter growth to come in at 4 per cent and 3 per cent, respectively.
In a recent interview, S&P Global Market Intelligence head of research Chris Rogers said that when looking at these estimates, one needs to bear in mind that the first quarter of 2023 was weak, making the annual comparison for the first quarter of this year very strong, while the back end of 2023 was more normalized.
SeaNews Turkey