EsThe annual Valentine’s Day card- and gift-giving event may be going out of fashion in the U.S. Panjiva data shows U.S. seaborne imports of Valentine’s related products – including toys, cards and decorations, fell 16.6% year over year in the four months to Jan. 31 (the historic peak shipping season). In absolute terms that made for the lower level of imports since 2014 and follows a 0.1% reduction in 2017 compared to 2016.
Source: Panjiva
Imports of sparkling wine and chocolates did little better. Shipments of sparkling wine fell 14.0% year over year in the four month period but have been in a longer-term decline including a 6.6% drop in 2018 compared to 2017. The latter’s also included an outperformance by cheaper Prosecco versus Champagne – imports from Italy rose 10.3% in 2018 whereas shipments from France rose just 0.7%.
Imports of chocolates didn’t avoid the downturn, with a 2.0% drop year over year in the Valentine’s peak season after an 8.8% increase in 2018 versus 2017. The chocolatiers of Belgium, which saw an 18.3% drop in shipments in 2018 versus 2017 will be hoping for a better Easter.
Without being unromantic the ongoing U.S.-EU trade negotiations may cut duties in the future, outlined in Panjiva’s 2019 Outlook, and make EU products look more attractive than those from the U.S.
Source: Panjiva
