Economic Improvements Spark Gains in U.S. - Euro Area Containerized Trade

NEWARK, N.J., Sept. 23 /PRNewswire/ -- Economic improvements in the U.S. and Europe are sparking strong gains in U.S. containerized imports and exports, reports PIERS, the standard in trade intelligence.  During the first half of 2010 ending June 30, the U.S. experienced a thirteen percent increase in containerized imports (749,502 TEUs) from the Eurozone (1), due to a weakened euro combined with an improved U.S. economy.  Moreover, with a recovering economy in Europe, the U.S. saw a fifteen percent increase in demand for American goods, as 587,909 TEUs were exported over the previous year.  

(Photo: http://photos.prnewswire.com/prnh/20100923/NY70539 )

(Photo: http://www.newscom.com/cgi-bin/prnh/20100923/NY70539 )

"The container trade deficit may shrink during the third quarter as the U.S. economic recovery continues to slow and the euro recovers in value, effectively reducing imports," states Mario Moreno, Economist at PIERS.  "The euro has recovered eight percent of its value against the dollar since its lowest point on June 7th, mainly due to improved economic conditions in the Euro area (2) and a strong demand for its exports.  This resurgence, however, will be constrained by weaker factory orders from Germany as indicated during the month of July, and the fact that some European banks underreported debt during the European stress test."    

Previously, a dramatic fifteen percent decrease in the Euro's value since October 20, 2009, widened the U.S. – Euro area container trade deficit by more than sixty-six percent from the first quarter to the second quarter of this year.  This deficit, at -100,962 TEUs, is the largest container trade deficit with the Euro area since the third quarter of 2009.  

Trade with five European countries account for more than eighty-five percent of the total U.S. – Euro area container trade.  During the first half of 2010, the U.S. top trading partner in the Eurozone is Germany, totaling 343,435 TEUs, followed by Belgium at 249,528 TEUs, Italy at 233,416 TEUs, the Netherlands at 209,492 TEUs, and France at 115,115 TEUs.  

Top source countries for the U.S. include Germany; with U.S. inbound shipments totaling 209,566 TEUs, followed by Italy at 146,074 TEUs, the Netherlands at 109,100 TEUs, Belgium at 97,392 TEUs and France at 73,988 TEUs.  

The top import commodity is by far beer & ale, followed by still wines.  Paper and paperboard including waste is the top export commodity amounting to 53,327 TEUs during the first half of the year, followed by wood pulp with 35,812 TEUs.

(1) The Eurozone is comprised of sixteen European Union member states and the U.S. trades with thirteen nations including Germany, Belgium, Italy, the Netherlands, France, Spain, Portugal, Ireland, Finland, Greece, Austria, Malta, and Cyprus.

(2) Euro area is used interchangeably with Eurozone.

About PIERS – PIERS is the global import and export information service that provides powerful tools and data for measuring markets, analyzing competition and uncovering opportunities.  With origins dating to 1827 and The Journal of Commerce, PIERS was the first venture in digital global trade intelligence and quickly became the industry standard for accuracy, reliability and insight.  Thousands of subscribers from public and private businesses, trade associations and governments around the world rely on PIERS to guide their global business strategies.  PIERS is a division of UBM Global Trade, a United Business Media company.  For more information, visit www.piers.com, call 1-800-952-3839 or 1-973-776-8660, Option 2.  

About UBM Global Trade - UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-223-0243 (+1-973-848-7250 outside the U.S. or Canada).  

SOURCE PIERS