Top Source Countries for U.S. Containerized Imports

Monday, November 01, 2010

U.S. containerized imports showed positive growth year-to-date ending August 2010, according to PIERS. An analysis of the data reveals that the U.S. containerized imports grew 15 percent year-to-date (10,846,000 TEUs) with China tracking as the lead source country.  Yet, while containerized import growth is expected to continue this year, a slowdown appears to be on the horizon.   

Of the 173 countries with import activity in the PIERS database, China ships more containerized imports to the U.S. than any other country. From January through August, 2010, the U.S. sourced 48 percent of its containerized imports from China, that is, 5.3 million TEUs, up by 17.8 percent from a year earlier.  In August, containerized imports from China surged by 23.5 percent compared to August 2009.

Other top source countries following at a distant second and third place are South Korea and Japan, at 4 percent and 3 percent respectively.  South Korea, with the highest growth rate year-to-date at 38 percent, shipped 419,000 TEUs, displacing Japan's 372,000 inbound TEUs to the third place.  South Korea's rapid ascend was boosted by unfavorable exchange rates as the Korean Won lost 4 percent of its value against the U.S. dollar, while the Japanese Yen gained 9 percent in value.  "A weak Korean Won combined with a strong Japanese Yen, makes Korea more attractive to the U.S. as Japan and Korea export similar goods," said Mario Moreno, PIERS Economist.

Additionally, Moreno, forecasts a strong growth rate for U.S. containerized imports in 2010.  "I expect a growth rate of 15.5 percent in 2010 before slowing down to 4.9 percent in 2011.  The decline is attributed to several factors, notably a sustained, uncomfortably high unemployment rate." 

When analyzing the data from a compound annual growth rate (CAGR) perspective, Vietnam, followed by China and India, have been the fastest growing source countries over a seven year period beginning in 2003.  Vietnam rose swiftly in the rankings at 20%, mostly due to its manufacturing sector.  China and India grew 6 percent and 4 percent respectively.  Vietnam's rise is attributed to its manufacturing sector, particularly footwear and apparel.  
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Container Ships

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

China Shipping Orders Eight 13500 TEU Box Ships

China Shipping Container Lines has placed orders for eight 13,500 twenty-foot-equivalent container ships at Shanghai Jiangnan Changxing Shipbuilding, continuing

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1436 sec (7 req/sec)