Container Imports Up, Exports Struggle

Ocean container imports rebounded in June while exports continued to inch up — a barometer of domestic U.S. shipping trends

Although the strength of the dollar moderated slightly in the last month, U.S. goods remain somewhat disadvantaged in the export market due to foreign currency exchange rates.

Let’s get more specific on shipments.

Export container shipments rose for the second month in a row—2.5 percent in June—after a 3.5 percent rise in May. Despite these increases, container exports were down 22.0 percent year over year in June. Since the beginning of the year, exports have dropped 23.3 percent. Much of the decline can be attributed to our largest ocean trading partner, China, whose container imports from the U.S. dropped for the third month in a row. The Chinese economy is still in turmoil, and exports to China from all sources are well below 2014 levels. Agricultural exports, particularly wheat and soybeans, have been hit particularly hard by the relative strength of the dollar despite the significantly lower prices being offered by U.S. exporters.

The import container index jumped 15.9 percent in June, with imports from China accounting for almost two-thirds of this increase. Imports from all but three of the 25 countries tracked in the index increased.

On a year over year basis, June imports were 4.8 percent higher than last year; however, year-to-date container imports are down 10.5 percent. Container imports from China for the first half of 2015 are 3.3 percent lower than the same period a year ago. U.S. retail sales rose for three straight months—March through May 2015—prompting retailers to place new orders.

Category: Featured, General Update