U.S. imports grew 3.5%, news by Hebei Longsheng
| U.S. seaborne imports grew 3.5% year over year in April – arguably the first normalized month following the lunar new year period and earlier tariff volatility. It may be the last for a while given the increase in tariffs on Chinese imports applied from May 10. Imports from China increased by just 2.0% year over year. Those from Vietnam surged 29.3% higher in part due to relocation of manufacturing. The impact of different tariff levels can perhaps be seen in furniture imports – subject to 10% duties – which fell 2.2% while shipments of chemicals, mostly at a 25% rate, dropped 11.9%. Year-to-date imports are up 2.9% year over year, defying earlier predictions of reduced activity. The revised tariffs on Chinese exports do not apply to shipments already in transit – only 9.9% of exports to the U.S. come in by air – so the knock on effect of tariffs won’t be seen until June. |
