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.