NEWARK N.J., Aug. 4 /PRNewswire/ -- U.S. containerized imports declined 20.8% in the first quarter of this year compared with the same period last year, the biggest fall since fourth-quarter 1990, according to PIERS Trade Horizons. Containerized exports fell a tad further, by 21.9%
The latest available statistics from PIERS Trade Horizons show that among the top 25 imported commodities, only bananas and medical equipment and supplies showed positive growth. Shipments of the remaining 23 were down at rates of between -9.0 and -43.0%.
A casualty of the housing bust, furniture, the top-ranked import, sustained the greatest loss in absolute volume terms, falling more than 87,000 TEUs (twenty-foot equivalent units, the standard measure in containers), representing a 19.2% drop from first-quarter 2008. The fall-off in auto parts trade -- more than 49,000 TEUs or 39.2% -- was attributable entirely to the troubles afflicting the U.S. auto industry. Auto and truck tires were down by 28,000 TEUs or 30%.
The lag in consumer spending hit the apparel sector especially hard as inbound apparel shipments were weak across the board: Menswear was off by 9.8%; women's and infantwear, 10.9%; and miscellaneous apparel, 14.1%. Sheets, towels and blankets fell by 21.3%. In aggregate, these commodities lost 13.8% of their first-quarter 2008 level, or more than 41,000 TEUs.
On the export side, paper and paperboard, including waste, maintained its top ranking, despite a 4.9% decline in shipments. Foam waste and scrap was off by 9.2%. The decline in these commodities reflects slowing output in overseas factories, and lessening need for packaging. The indication is that overseas factory output will be slow in the second and third quarters as well, in line with reduced U.S. consumer demand, notes PIERS Trade Horizons.
Similarly, U.S. fabric and cotton exports fell 20,493 TEUs or 22.8%, suggesting low expectations for the global apparel trade in the second and third quarters.
PIERS Trade Horizons statistics on U.S. containerized trade with the rest of the world are the latest available. The quarterly also forecasts container trade two years out.
The 20.8% plunge in first-quarter import volumes has prompted PIERS Trade Horizons to revise its full-year 2009 forecast downwards: the final tally on imports will be down 14.9% compared with 2008 volumes.
At the same time, PIERS believes that, in line with the overall U.S. economy, import trade volumes touched bottom in the first quarter and will begin a plodding recovery second quarter onwards. Volumes will remain depressed but return to positive and stable growth in first-quarter 2010.
Given the worse than expected performance from exports, as well as the global economic forecast, PIERS has cut its export projections for 2009 and is anticipating volumes for the year will drop 15.9% compared with 2008. A return to positive year-over-year growth (2.7%) should begin in the fourth quarter.
About PIERS Trade Horizons
PIERS Trade Horizons provides comprehensive quarterly statistics on U.S. waterborne import-export trade on the past two years, forecasts trade quarter-by-quarter two years out, and analyzes the commercial and economic factors driving the numbers.
Members of the media may direct inquiries to 973-848-7151. For information on subscribing to PIERS Trade Horizons, contact 800-952-3839, extension 7175.
About PIERS Global Intelligence Solutions
PIERS is the primary source of U.S. waterborne trade information and a leader in global trade solutions. Launched over 30 years ago by The Journal of Commerce as the Port Import Export Reporting Service, its first venture in electronic information, PIERS quickly became the standard reference on container trade for the maritime industry.
A roster of over 6,000 private industry, trade association, and domestic and foreign government clients, representing more than 40 countries, relies on PIERS to translate trade data into meaningful intelligence that guides their global business strategies. For more information visit www.piers.com
SOURCE PIERS Global Intelligence Solutions
