Despite the global economic recession, U.S. imports have demonstrated notable resilience throughout 2023, as indicated by October data published by Descartes Systems Group. In that month, the United States imported 2,307,918 twenty-foot equivalent units (TEUs) of containerized goods, marking a 3.9% year-on-year increase and a 4.7% monthly growth.
These figures reveal a consistent upward trend in the volume of containerized imports, surpassing pre-COVID levels from 2019. The market’s resilience in the face of economic challenges is further underscored by the ongoing increase in imports throughout the year.
China remains a key driving force, representing 38.4% of total imports in October, with a volume of 886,842 TEUs. This data marks the highest volume since August 2022 and emphasizes the significance of trade between the two countries for the resilience of U.S. imports.
Furthermore, transpacific spot rates have recently shown strength, remaining within the normal range seen before the pandemic. For instance, the spot rate from Shanghai to Los Angeles increased by 11% to $2,175 per forty-foot equivalent unit in the week ending Thursday. Similarly, the spot rate from Shanghai to New York increased by 3% to $2,616 per forty-foot equivalent unit.
The resilience of U.S. imports is reflected in robust October figures, surpassing pre-COVID volumes and highlighting the strength and adaptability of the sector. Despite economic challenges, optimism persists regarding the continued robustness of U.S. imports, emphasizing their vital role in the economy.