US Asian imports hit 3-year low as retail stocks drain slowly
US IMPORTS from Asia plunged 31.1 per cent year on year in February to 1.09 million TEU, the lowest level since March 2020 at the outset of the Covid scare, reports New York's Journal of Commerce.
February marked the sixth consecutive month of year-on-year declines in Asian imports that began in September. Still, those declines are being compared with the record or near-record import volumes that were posted in late 2021 and early 2022.
Retailers are forecasting that monthly import volumes will continue to register declines through July as they reduce their inventory overhang ahead of the peak shipping season that begins in August.
February's imports were the lowest since 869,091 TEU in March 2020, according to PIERS data. The declining import volumes are dragging spot rates lower, something giving retailers greater leverage as their 2023-24 service contract negotiations with transpacific carriers intensify.
With spot rates from Asia to the west coast now about US$1,100 per FEU on some indices, industry analysts say carriers will be hard-pressed to keep contract rates above $2,000 per FEU.
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