- US imports hit record highs in January, with volumes up 9% year over year, despite trade tensions.
- Retailers are front-loading cargo, anticipating port strikes and new tariffs, especially on Chinese goods.
- Tariffs may not significantly impact demand, as companies expect a balanced approach from the US administration.
US container imports have surged to record levels, driven by strong consumer demand and cargo front-loading ahead of potential tariff increases. January 2025 saw the highest-ever import volume for the month, up 9% from last year. While concerns over new tariffs on Chinese goods linger, many importers remain confident that inflation control and forex adjustments will help mitigate major disruptions, reports Lloyd’s List.
US Imports Near Pandemic Highs
The US imported almost 2.5 million TEUs in January, making it the best January on record, according to Descartes. This represents a 5% increase from December and a 9% rise year over year. While pandemic peak imports reached up to 2.6 million TEUs per month, current levels are not far behind.
The National Retail Federation (NRF) projects that US imports in the first half of 2025 will be 5% higher than in 2024 and 21% higher than in 2023.
Retailers Rush to Get Ahead of Tariffs
Retailers have been front-loading cargo shipments to avoid potential disruptions from port strikes and tariff hikes.
The NRF noted, “Retailers have been front-loading imports of key products for several months because of the potential for the port strike in January as well as to get ahead of potential tariffs.”
Descartes also pointed out that the import surge aligns with rising trade tensions, as businesses secure goods before tariffs increase.
China’s Exports to the US Surge
Imports from China saw a major spike, with 997,909 TEUs shipped to the US in January, just below the record high of 1,022,913 TEUs in July 2024. This represents an 11% increase from December and a 10% rise year over year.
Early Chinese New Year celebrations and tariff mitigation strategies influenced the timing. In total, Chinese goods accounted for 40.1% of US imports, the highest share since February 2022.
Maersk CEO: Tariffs Won’t Derail Demand (Yet)
Despite tariff concerns, Maersk CEO Vincent Clerc remains optimistic. He highlighted that retailers expect strong demand, saying, “Customers are very positive on market growth. They expect that the incoming administration will be good for consumption.”
Clerc also downplayed the tariff risks, explaining that during the first Trump administration, currency shifts offset much of the impact on consumer prices. However, he acknowledged that an extreme tariff increase, such as a sudden 60% hike, would disrupt trade.
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Source: Lloyd’s List
