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West Coast Ports Bounce Back; Asian Imports Return
Analyzing the shift of US imports from Asia: West Coast ports show resurgence as East Coast metrics present a mixed bag.
US imports from Asia are seeing a noticeable shift. The West Coast, especially, is making waves as it starts to reclaim its dominant position for imports.
- September’s Import TEUs: West Coast ports are closing in on their 2019 metrics with a +9% increase year-on-year.
- Comparison with 2019: West Coast's imports are just 1% below their 2019 figures, while the East Coast boasts an 18% rise compared to 2019, despite an -8% dip year-on-year.
This return of cargo to the West Coast might be influenced by the recent ratification of the International Longshore and Warehouse Union contract. This move has significantly boosted retailers' confidence, evidenced by the ports' ability to handle more cargo almost immediately.
It's crucial to monitor the port dynamics, especially considering the September 2024 expiration of the labor contract for East and Gulf Coast ports.