US Containerized Imports Up 9.7 Percent in July 2012

Faster container import growth forecasted for remainer of 2012 in Journal of Commerce/PIERS market survey.

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.

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.

More of Moreno's trade and economic analysis can be found here.