US containerised trade shows signs of recovery
US containerised exports during the same period also compare poorly with Q3 2008. But the 8.2% decline was better than had been forecast, and a big improvement over the 14.1% drop a year ago in Q2 2009.
US export performance is almost entirely attributable to the persistent weakness of the US in international currency markets, says PIERS. The improvement in import volumes is in line with other economic indicators, including the return to positive growth in the third quarter, marking the end of the recession.
The PIERS trade statistics reveal the emergence of new US trading partners. Trade from SE Asia to the US performed above expectations, driven by Vietnamese exporters who have been relatively unscathed by the US slowdown. The country helped lift the region’s share of the US export market by 0.4% in Q3. Vietnam is also buying more, and is set to overtake Indonesia as the region’s top destination for US exports.
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