SIMIC

Overall, though, US imports from Asia were exceptionally strong in November, increasing 27.2 per cent from November 2019, and registering the fifth straight month of year-over-year growth in the eastbound trans-Pacific. Asia import volumes in November were down 6 per cent from October, which will be the peak month in 2020.

West Coast imports from Asia in November increased 22.9 per cent year on year, slightly less than October's year-over-year growth of 24.5 per cent, according to PIERS. East Coast imports from Asia increased 30.1 per cent year over year in November, while Gulf Coast imports increased 64.3 per cent in the same period.

The US West Coast handled 60.2 per cent of Asia imports in November, with 33.7 per cent moving through the East Coast, and 5.7 per cent through the Gulf Coast, reports IHS Media.

According to PIERS, US imports from Asia in November totalled 1.6 million TEU. November was the third-busiest month of the year, down slightly from the October peak of 1.7 million TEU. August was the second-busiest month of 2020 at 1.65 million TEU.

The difference between the first half of 2020 and the second half is stark. Year over year US imports from Asia declined each month from January through June owing to the economic destruction caused by COVID-19.

However, when the US economy reopened, imports grew rapidly as retailers restocked inventories to meet pent-up demand from consumers. According to PIERS, despite the dismal performance in the first half of the year, US imports from Asia through November are now up 2 per cent from the first 11 months of 2019.

Imports in December are also projected to be strong, especially in Los Angeles-Long Beach, the largest US gateway.

Due to changes in consumer purchasing habits since Covid-19 emerged in the United States, seasonal fluctuations are expected to be less pronounced. Trade flows in 2021 are expected to be steadier, bolstered by year-round consumer online purchasing.

Also, in order to prevent stock outages early next year, retailers are fast-forwarding spring 2021 merchandise owing to shortages of equipment and vessel capacity at Asian load ports.