US-Asia Container Trade on a Record-Breaking Track

By
Mfame Editor
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8

  • November Sets Record for US Container Imports Despite Monthly Dip.
  • US Imports Near Record Highs with Strong Growth from Asian Economies.
  • Vietnam and India Lead Import Growth as US Trade with Asia Surges.

Container imports into the United States from 10 major Asian economies reached 1.72 million TEUs (twenty-foot equivalent units) in November, which is 15.3% up year-on-year. That is a new record for the month, according to Descartes Datamyne, which aggregates data based on US Customs and Border Protection (CBP) statistics, reports Container News.

Record-Breaking Imports in November

Still, import volumes were down 6.6% compared to October. Yet the first 11 months of 2023 saw 18.59 million TEUs in total imports, which is a 16.4% increase year on year, close to the record seen during the same period in 2021. US container imports in November totalled 2.39 million TEUs, up 14.3% year on year.

Imports by Country of Origin

Among the 10 Asian economies, the largest contributors to the US imports were:

  1. China: 983,573 TEUs (+15.8%)
  2. South Korea: 193,858 TEUs (+10.9%)
  3. Vietnam: 177,978 TEUs (+20.5%)
  4. India: 81,384 TEUs (+29.5%)
  5. Taiwan: 76,978 TEUs (+19.3%)
  6. Japan (8th largest): 37,216 TEUs (+6.5%)

Exports to Asia

Meanwhile, US container exports to the 10 Asian economies totalled 464,131 TEUs in October, representing a 2.1% decrease from September and a slight 0.3% drop from October 2023. Key export destinations included:

  1. China: 105,746 TEUs (-22.1%)
  2. South Korea: 65,203 TEUs (+36.6%)
  3. Vietnam: 49,748 TEUs (+22.2%)
  4. Indonesia: 48,792 TEUs (+12.1%)
  5. Japan: 47,374 TEUs (-2.3%)

Sustained Growth Despite Fluctuations

The latest data shows that trade flows between the United States and major Asian economies remain strong. Monthly fluctuations continue, but year-on-year growth in imports points to continued demand and strong economic activity in the US-Asia trade corridor. The 16.4% growth in year-to-date imports further underscores the resilience of this trade partnership, nearing historical highs despite global trade challenges.

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Source: Container News