The trans-Pacific trade stood out in 2015 as one of the few maritime lanes to show strong performance, as overall global container trade growth disappointed, with box volumes contracting on a number of routes, according to an analysis by Clarksons Research.
Container volumes on the trans-Pacific peak leg trade route are expected to grow by 5% in the full year to 15.4 million twenty foot equivalent units (TEUs), even though the trade was not spared its own drama, added the report.
In early 2015, port congestion on the U.S. West Coast due to labor disputes that started in 2014 led to significant delays, and box throughput at major West Coast gateways fell sharply in the first quarter by 5% year-on-year.
Cargo was diverted to the major U.S. East and Gulf Coast ports, and this led to container throughput growth at these gateways to balloon 14% year-over-year in the first quarter.
Overall, U.S. box imports from Asia, which make up the majority of eastbound trans-Pacific trade, are estimated to have grown at a robust rate of 9% year-over-year in the first quarter.
In the second quarter, U.S. West Coast port delays started to ease following signing of new labor contracts, and box throughput levels on this coast began to recover. But U.S. East and Gulf Coast ports also retained high throughput growth rates, reaching 12% year-over-year in the second and third quarters, indicating that some of the cargo diversions had continued.
Overall, peak leg trans-Pacific trade is estimated to have continued expanding at a healthy rate of 5% year-over-year in the second and third quarters, noted the report.
It said U.S. import growth drew support from a strong U.S. dollar and rising U.S. consumer spending. Notably, imports from the ASEAN region showed significant expansion, with the value of imports from Vietnam reportedly rising nearly 30% year-over-year in the first three quarters, driven by growing electronics and footwear imports.
Meanwhile, U.S. toy imports reportedly surged this year, with reports of strong “Star Wars” retail sales.
However, in recent months, Asian box export rates to the U.S. appear to have softened, attributed in part to the impact of high U.S. retail inventory levels.
“Whilst this might have had a continued impact upon US imports in the final months of 2015, peak leg Transpacific container trade is still expected to increase at a healthy rate of 5% in the full year, lifting total volumes to 15.4m TEU,” said the report.
“The expected expansion in box volumes on the Transpacific peak leg route has been one of the few bright spots in container trade in 2015,” it stated, adding that the current projection of 5% expansion on the route this year “has certainly helped to prevent a sharper downturn in global box trade growth.”
Photo: Maureen from Buffalo, USA
