Imports from Asia are at an all-time low. Dropping an average of 31.3 percent year over year. Retailers are forecasting less imports to deal with the inventory overhang. February’s imports were the lowest since 869,091 TEU in March 2020, according to PIERS, a sister product of the Journal of Commerce within S&P Global. Retailers hope the decline will taper at the end of August as shopping season peaks.
Source: JOC
CBP provided an update regarding Exception to the Reciprocal Tariffs for shipments that loaded on vessel prior to April 5th 12:01am EDT and are in transit. The update states that the exemption will only apply to these shipments if the shipment is arriving AND released BEFORE May 27th, 2025 12:01 EDT.
Read MoreToday is "Liberation Day" AKA the day all the tariffs go into effect, even though it's a Wednesday, it is an appropriate day for a market update: Attached is the current tariff announcement in terms of amount by country - any country not mentioned is now a 10% increase, but it is an ever-changing landscape, and we don't have information yet on tariff stacking which is the real question for China and a few others
Read MoreMarch 23 and April 1 increases: For most of March, vessels have not been full and import demand/volume has not been strong for various reasons. Not the least of these are the tariff implications, and I'm sure everyone has heard plenty about them at this point.
Read MoreJoin us at NCBFAA Annual Conference 2025 April 6-9
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