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- The US imports coming from Asia plunged again in the recently released February reporting. In February a drop of 31.1% for a total import volume of 1.09 million TEU occurred. This has again allowed for a lowering of the spot market rate and allowing for more aggressive contract negotiations for the 2023-24 service contracts by retailers with the trans-pacific carriers. This is the 6th consecutive month of a drop in overall import rates.
- This drop is however expected to begin to stabilize late into the second quarter and potentially even improve into the third and fourth quarter of 2023. This rapid change has placed the power back into the shippers’ hands and forced carriers to strategize to ensure profitability.
As import volume lowers shippers’ now hold a valuable market postion!
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