Journal of Commerce Predicts Faster Growth for Remainder of 2012
U.S. containerized imports surged 9.7 percent in July from a year earlier, to 1,562,235 twenty-foot-equivalent units, on strong growth in auto parts and furniture, according to PIERS. The growth — imports also advanced 6.2 percent over June — marks impressive expansion of the import trade, especially considering last July’s year-over-year drop of 5.2 percent, said Mario O. Moreno, economist for The Journal of Commerce/PIERS.
Year to date, U.S. containerized imports were up 3.5 percent. Import growth will continue to accelerate during the second half of 2012, said Moreno, who expects full-year growth of 4.6 percent for imports and 2.3 percent for exports.
“Sales of existing homes were up 2.6 percent through July,” Moreno noted, contributing to demand and driving imports of furniture, the largest containerized commodity, to an 8 percent increase. Auto parts rose 25 percent. Other containerized commodities showing sharp gains included bananas, up 32 percent; toys, up 13 percent; and refrigeration equipment, up 36 percent. Increases in furniture and toys pushed China’s U.S.-bound goods up 5 percent to 733,463 TEUs. Overall containerized imports from Asia rose 7.7 percent over July 2011.
Rising prices and poor demand outlook continued to impact footwear imports, which declined 9 percent.
More of Moreno’s trade and economic analysis can be found in his blog or by following him on Twitter @MarioMoreno_JoC.
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About PIERS — PIERS is the most comprehensive database of U.S. waterborne trade activity in the world providing information services to thousands of subscribers globally. Launched more than 35 years ago, PIERS was the first venture in digital global trade intelligence and quickly became the industry standard for accuracy, reliability and insight. Our unique infrastructure and proprietary technology allow us to not only publish import data but also complete coverage of U.S. export transactional data. PIERS is a division of UBM Global Trade, and a sister company of The Journal of Commerce. For more information, visit www.piers.com, or call 800-952-3839 (+1-973-776-8660).
About UBM Global Trade — UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company’s portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of UBM plc, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-223-0243 (+1-973-776-8660 outside the U.S. or Canada).