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US imports rose by 9% annually despite Panama and Suez Canal challenges

US imports rose by 9% annually despite Panama and Suez Canal challenges

Posted on January 15, 2024   |  

In December, the U.S. imported 2,107,012 twenty-foot equivalent units (TEUs) of goods, showing a slight 0.4% increase from November and a notable 9.2% growth compared to the previous year.

Despite December being traditionally slower, factors like a drought in Panama causing disruptions and transit constraints did not significantly impact U.S. imports.

Larger container ships altered their routes, using the Suez Canal instead of the Panama Canal, and then opting for longer journeys around the Cape of Good Hope, starting in late November.

Surprisingly, U.S. import volumes in December remained strong, with notable increases in East and Gulf Coast ports, particularly Houston, Texas.

However, West Coast ports like Long Beach, California, and Los Angeles experienced declines in imports, leading to a shift in the coastal balance towards the East/Gulf Coast ports.

Overall, U.S. import dynamics in December showcased resilience, with East Coast ports gaining a higher share of total imports despite challenges in global shipping routes.



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