NEWARK, N.J., June 10 /PRNewswire/ -- PIERS Global Intelligence Solutions trade data indicates the economic rebound is gaining strength. China imports continue to rule trade but Vietnam's apparel industry is becoming a key component in U.S. trade growth.
Signals of economic improvement are being seen in the surge of U.S. containerized imports and exports from the previous year, which ended March 2010. Demand for U.S. industrial materials and increased competitiveness of the U.S. dollar led to a 10.4 percent rise in exports, or 1.07M TEUs, during the same period ending March 2010. U.S. containerized exports swelled to 15.3 percent for the first quarter of 2010.
China continues to dominate as the lead source country of U.S. imports with an 8.4 percent increase from last year, equaling 1.3 million TEUs. While overall imports lag March 2007 levels by 13.7 percent, this quarter marks a return to positive import growth.
Interestingly, PIERS Global Intelligence statistics reveal Vietnam swiftly growing in U.S. imports of women's apparel and infant wear. Over a five-year period from 2005 to 2009, Vietnam emerged as the leading country in these two categories. Imports nearly doubled and resulted in a Compound Annual Growth Rate (CAGR) of 17.4 percent. This strong performance has allowed Vietnam to match Hong Kong's market share at 11 percent.
"Rapidly rising wages in China are forcing manufacturers to reconsider production facilities. Vietnam is becoming the clear alternative for low-cost producers," said Mario Moreno, Economist at PIERS.
To view graph, "Top Source Countries of Women's and Infant Wear," click below:
Footwear was another top U.S. import commodity that saw positive growth from Vietnam. During the same five year period (2005 to 2009), Vietnam increased its market share from 4 to 7 percent and experienced a strong positive CAGR of 10 percent. Nevertheless, China holds a superior 77 percent market share, far surpassing its closest competitors, Hong Kong, Vietnam, Indonesia and Brazil.
About PIERS Global Intelligence Solutions
PIERS is the primary source of U.S. waterborne trade information and a leader in global trade solutions. Launched over 30 years ago by The Journal of Commerce as the Port Import Export Reporting Service, its first venture in electronic information, PIERS quickly became the standard reference on container trade for the maritime industry. A roster of over 6,000 private industry, trade association, and domestic and foreign government clients, representing more than 40 countries, relies on PIERS to translate trade data into meaningful intelligence that guides their global business strategies. For more information visit www.piers.com or call 800-952-3839.
About UBM Global Trade
UBM Global Trade provides 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, JoC Events, PIERS Global Intelligence Solutions 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, N.J., with offices throughout the U.S., and in Canada and Hong Kong. For more information, explore www.ubmglobaltrade.com or call 800-221-5488 (+1-973-848-7250 outside the U.S. and Canada).
SOURCE PIERS Global Intelligence Solutions