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July US imports continue to follow pre-COVID patterns
Posted on August 14, 2023 |
The decline of 14% in July's imports compared to the previous year stems from the conclusion of the COVID-induced import surge in late 2022.
The actual significant news lies in imports maintaining stability, showing no change from pre-pandemic levels, indicating a robust and customary flow of containerized imports in the U.S. economy.
U.S. ports received 2,187,810 TEU in July, representing a 14% year-on-year decrease but matching July 2019 figures.
The broader picture reveals a 1.7% increase in U.S. imports during the first seven months of this year compared to the same period in 2019, demonstrating consistent performance.
Noteworthy is the rise in imports from China and South Korea, with Savannah and New York/New Jersey ports witnessing notable gains, while Los Angeles experienced a considerable decline.
Global Port Tracker's estimation reflects a 13% year-on-year drop in July imports, aligning with pre-COVID levels, and anticipates an uptick for August, along with a modestly higher projection for 2023 compared to pre-pandemic years.