Data recently issued by global trade data provider Panjiva showed annual and sequential gains for United States-bound waterborne shipments in April.
April shipments at 950,408 saw a 9.7% gain on an annual basis, which Panjiva said represents the fastest rate of growth going back to February 2016, and comes on the heels of a 8.7% annual gain in April that led to a 17.3% annual increase in the U.S. trade deficit.
Panjiva cited various factors for April’s strong performance, including:
- China and European shipments rising 16.4% and 16.1%, respectively;
- Chinese customs data reporting a 12% increase in the dollar value of goods shipped in April, with some arriving in May;
- shipment gains from Europe mark a return to double-digit growth and its fastest rate of expansion since August 2016; and
- imports from South Korea, where the U.S. is threatening to renegotiate the KORUS (U.S. - Korea Free Trade Agreement) saw its second straight month of declines, down 10.6%;