EsU.S. imports, due to be reported by the U.S. Census Bureau on an advance basis on December 29, may have increased by around 4.7% in volume terms in November according to the Panjiva Combined Cargo Index of sea- and airfreight handling.
Seaborne imports increased by 5.7% in shipment terms, Panjiva data shows. This was led by a 12.3% increase in imports to the southeast due to higher Latin American shipments into Port Everglades and European exports to Savannah, as discussed in Panjiva research of December 28. Shipments to the northeast, led by the ports of New York and Newark which were also driven by imports from Europe, increased 7.2% while California lagged with a 5.9% rise.
Source: Panjiva
International airfreight likely rose by around 3.9%, based on preliminary data from LAX, Louisville, Miami, Indianapolis, SeaTac and Portland. This was the sixth straight increase and was led by SeaTac’s 9% increase and held back by a 3.1% decline from Miami’s international handling.
Source: Panjiva
Taking air- and seaborne freight together the Panjiva Combined Cargo Index for the U.S. overall increased 4.7% on a year earlier in November. This was the sixth straight increase, and while it was 2.3% below the previous month’s all time record it was still the highest result for November since the series began in 2011.
The 0.3% year-over-year fall in import prices is unlikely to offset the significant volume increase this growth implies. If the monetary value of imports does increase by a similar amount, this is likely to prove politically contentious for the incoming U.S. administration, which has flagged a desire to cut imports via tariffs as a central plank of trade policy for the next four years.
Source: Panjiva
