Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
US January imports surge to 7-year high despite gloomy outlook

US January imports surge to 7-year high despite gloomy outlook

Posted on February 16, 2024   |  

In January, the U.S. imported 2,273,125 twenty-foot equivalent units (TEUs) of containerized goods, showing a surprising 7.9% increase from December and a significant 9.9% rise compared to the previous year.

This 7.9% growth in January is the highest month-over-month increase since 2017, driven by the rush to move goods from China ahead of the Lunar New Year.

Chinese imports rose by 14.9% month-over-month in January, following typical seasonal trends unlike the sluggish performance observed in 2023.

While ports on the East Coast experienced varied levels of activity, the Port of New York and New Jersey saw a notable 6.8% increase in TEUs compared to December.

Smaller East Coast ports like Norfolk, Virginia, and Baltimore also witnessed increases in import volumes, with rises of 5.1% and 3.4% month over month, respectively.

However, ports along the East and Gulf coasts saw sluggish activity in January, with the Port of Savannah, Georgia, experiencing a slight dip and the Port of Houston witnessing a decline in import volumes.

Southern California ports, particularly Long Beach and Los Angeles, saw significant growth in Chinese imports, leading among major West Coast ports in market share.