February and year-to-date U.S. import growth see gains, reports S&P Global Market Intelligence

Data recently issued by S&P Global Market Intelligence pointed to United States-bound containerized freight imports posting annual gains in February, for the sixth consecutive month, following a 14-month stretch of annual declines.

February imports, at 2.44 million TEU (Twenty-Foot Equivalent Units) increased 21% compared to February 2023.

And when taking into account, the timing of the Lunar New Year, coupled with the impact of ongoing Red Sea and Panama Canal disruptions, the firm explained that U.S.-bound imports over the first two months of 2024, at 5.04 million TEU, posted a 14% annual increase over 2023’s 4.40 million TEU, with 2022 and 2021, at 5.21 million TEU and 5.09 million TEU, respectively.

February consumer imports, at saw a 22% annual gain, well ahead of January’s 9% increase, paced by leisure products and household appliances, with the firm observing that the Lunar New Year destocking a year ago, as well as delays in deliveries to the East Coast, due to Red Sea and Panama Canal disruptions are what it called “partial drivers.”

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