According to a recently published report from the U.S. Department of Commerce, dated April 5, 2023, U.S. imports were down after two months of increases. The report provides importations by country, and it reflected declines from most countries, except for Japan and Taiwan which reflected narrow increases.
Imports of goods and services to the U.S. decreased by USD 5.0 billion to USD 321.7 billion in February 2023, which reflects a weakening domestic demand due to the cost-of-living squeeze. The import of goods decreased by USD 5.8 billion and is being attributed to the lower volume of purchases and consumption of goods in the U.S. The imports of services increased by USD 0.7 billion boosted by transport.
While U.S. imports rebounded from an 11-month low, reported on March 8, 2023, the rebound in the domestic demand followed a slowdown in inflation, which allowed and created increased spending by consumers. The trade industry remains optimistic that warehoused volumes will continue to fall as offers of reduced sale prices continue along with offers of deferred payments, some with interest-free rates.
Please contact your Western Overseas representative with any questions.