· Asian imports dropped from August by 10.4 percent with a total of 1.51 million TEU arriving into the US. This is the lowest September volume since a pre pandemic September 2019, and the most serious decline seen since February 2020 when the first COVID shutdowns occurred.
· Although a September decrease is not uncommon this steep decline has many concerned about what may lay ahead. All indications point to a continued decline in cargo volume for the remainder of this year.
· There are many reasons for this decline including retailers shipping holiday merchandise earlier this year as well as warehousing limitations due to excess inventory. Also, as congestion has started to clear in key port locations the backlog of waiting vessels and cargo are no longer contributing to the import volume count.
October 13, 2022
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