US container imports down 2.5 percent in March

U.S. containerized imports fell 2.5 percent in March, the first year-to-year decline in 16 months, as a weak housing market contributed to a drop in imports from Asia, Journal of Commerce reports.Volume measured in 20-foot-equivalent units was down 11 percent from China, 22 percent from Hong Kong and 9 percent from Japan, where shipments were affected by the March 11 earthquake and tsunami, according to Journal of Commerce sister company PIERS.


Journal of Commerce Economist Mario O. Moreno said the drop in monthly volume, which had been rising since the end of 2009, appeared tied partly to the troubled U.S. housing market.


Imports of furniture, by far the largest containerized commodity, tumbled 17 percent in March. Sales of furniture and home furnishings are tied closely to the real estate market because buyers often purchase furnishings to outfit their new homes.


“Sales of existing homes and new homes were disappointing in January and February, and although sales improved in March they are still bouncing along the bottom,” Moreno said. “Mortgage rates are off the all-time lows, which isn’t helping, and an increasing number of houses are being bought with cash – a reflection of falling home prices and unfavorable credit facilities.”


The fall in imports from Japan was mainly due to a 13 percent plunge in inbound shipments of auto parts, and declines of 12 percent in imports of tires and 8 percent in engines and motors. Although Japan is the largest source of U.S. auto parts imports, this category rose 17 percent in March, largely because of imports from Germany.
(Source:http://en.portnews.ru)