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Imports from China to the U.S. are rising at the fastest rate since last fall
Inflation is on the rise alongside an increase in imports from China to the U.S., as indicated by recent trade and logistics data. The surge in import containers from China began after the reopening of manufacturing plants following the Lunar New Year.
Despite supply chain challenges, such as disruptions at U.S. ports due to various factors like drought conditions limiting the Panama Canal, trade diversions due to attacks in the Red Sea, and the recent closure of the Port of Baltimore, U.S. imports are continuing to grow.
According to the Global Port Tracker report by the National Retail Federation and Hackett Associates, inbound cargo volume at major U.S. container ports is expected to surpass two million units by May, marking the first time since last fall.
“Due to the ongoing resilience of the American consumer, 2024 imports have maintained their upward momentum,” said Alan Baer, CEO of OL USA. “We expect this trend to continue, however the size of the year-over-year increase may be challenged by stubborn inflation, coupled with higher-for-longer interest rates. The strong U.S. dollar is helping support increased purchasing power for all importers, sheltering to a degree the higher cost of capital.” |