US 2009 Imports Sharply Below Average, Lowest Since 2003
Import volume in the United States to go down by 18 percent, according to experts. US imports will mostly hit only 12.5 million containers, the lowest since 2003 and the 25th consecutive month that the imports were lower in terms of year-on-year average.
A new report conducted by the National Retail Federation and HIS Global Insight showed that the United States imports for the year is most likely to drop by around 18 percent as analysts expect it to reach only 12.5 million containers, way below last year’s record.
The groups said that despite posting an improved outlook compared to last month, August number of import products in the US will drop to its lowest point since 2003. Earlier, economists predicted that the US 2009 import will reach only 12.3.
Based on records, the 2008 import posted some 15.2 million containers.
“We can now see the pattern of the US import levels and it shows that we are still way below from last year’s numbers. But we are seeing an increase in the monthly imports with August posting an increase compared to the previous month,” National Retail Federation Vice President Jonathan Gold said in a statement.
Gold also said that the import data in August equaled the other economic indicators, which are all showing that the recession, the longest since the Great Depression, has finally come to a stop.
The vice president pointed August import data is also the 25th consecutive months that the volume of cargos arriving in US ports was lower year-on-year records. But he stressed that the eight percent increase in June, July, and August were clear indication that American are back in importing goods from other countries, which is a good sign that the economy is moving once again.
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