February 20, 2018 Comments Off on Imports Increase in January at U.S. Ports, Again Views: 2350 California News, Top California

Imports Increase in January at U.S. Ports, Again

U.S.-bound shipments increased nearly 7.7% across all of the nation’s seaports in January, according to research by Panjiva Inc. The increase was largely driven by post-holiday restocking by U.S. retailers and manufacturers, as well as early shipments by Chinese companies ahead of a two-week Lunar New Year factory shutdown.

The Ports of Los Angeles and Long Beach imported 747,488 loaded 20-foot equivalent units last month, just a 4.6% increase over January 2017, while imports declined 6.6% to 75,136 loaded TEUs at Oakland’s port in January.

Economists say the biggest factors behind the import boost are a robust economy, and the U.S.’s continued reliance on international trade. Consumers and businesses continue to buy goods made overseas, primarily from China, where January’s import shipments rose 10.3%.

Last year was a record-setting year for import shipments to the U.S., as numbers were up 4.1% from 2016’s, resulting in a trade deficit of $566 billion, the widest in nine years.

Read more at Wall Street Journal

Connect With Panjiva Inc.


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags:

Comments are closed.