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US imports dropped due to seasonal variations and Panama Canal woes

Posted on December 18, 2023 |

U.S. imports, although still higher than before the pandemic, saw a decline due to seasonal changes and challenges at the Panama Canal.

In November, U.S. ports handled 9% fewer imports than in October, totaling 2,099,408 twenty-foot equivalent units (TEUs).

Imports from China, a major contributor, decreased by 11.7% from October, making up half of the overall month-on-month decline.

Import volumes remain above pre-COVID levels, showing a 4% increase from January to November compared to 2019.

Following labor dispute resolutions, West Coast ports regained market share, while East and Gulf Coast ports faced issues with low water levels in the Panama Canal.

The shift in market share was evident in November, with East and Gulf Coast ports experiencing a drop in volumes.

Ocean carriers struggled to raise freight rates, and the reduction in U.S. imports at the end of the year added pressure on spot rates.

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