US imports from Asia in October reached the highest point so far in 2023, driven by retailers aiming to expedite the arrival of their goods ahead of the year-end Christmas sales, reports New York's Journal of Commerce.
Containerised imports witnessed a 5.9 per cent increase from September and a significant 12.4 per cent surge compared to October 2022.
Although less robust than usual, this rise occurred as the eastbound trans-Pacific peak shipping season concluded, and the largest us trade lane seemed to revert to a more typical seasonal pattern.
According to PIERS data, imports from Asia for the last month totaled 1.57 million TEU, marking the highest volume for the year.
However, despite this monthly surge, year-to-date imports showed a 16.6 per cent decline compared to the first 10 months of 2022.
This decline was attributed to subdued annual import volumes, influenced by inflation and high-interest rates, dampening consumer spending.
Notably, last month's imports from Asia were 1.1 per cent higher than those in October 2019, pre-dating the Covid crisis.
SeaNews Turkey
Containerised imports witnessed a 5.9 per cent increase from September and a significant 12.4 per cent surge compared to October 2022.
Although less robust than usual, this rise occurred as the eastbound trans-Pacific peak shipping season concluded, and the largest us trade lane seemed to revert to a more typical seasonal pattern.
According to PIERS data, imports from Asia for the last month totaled 1.57 million TEU, marking the highest volume for the year.
However, despite this monthly surge, year-to-date imports showed a 16.6 per cent decline compared to the first 10 months of 2022.
This decline was attributed to subdued annual import volumes, influenced by inflation and high-interest rates, dampening consumer spending.
Notably, last month's imports from Asia were 1.1 per cent higher than those in October 2019, pre-dating the Covid crisis.
SeaNews Turkey