2011 was extraordinary in terms of natural catastrophes and disasters – all of which cause a bit of global turbulence in the trade industry. The economic burden doesn’t only affect where the disaster occurred but also ripples through the world economy by affecting global trade volume. A single natural disaster can cause a domino effect that can cripple supply chains as was evident in the auto parts industry after the Japan earthquake last March. These crises “coupled with a soft post-recession consumer market and mixed macroeconomic environment, growth undoubtedly was restrained,” stated the Journal of Commerce in the “Coming Full Cycle”.
Retail sales are the main driver of containerized imports, which JOC/PIERS Economist Mario O. Moreno expects to rise at a slower pace than previously forecasted. His revised forecast which was published earlier this week calls for 4.1% growth on U.S. imports, down from 4.5% previously and 2.3% growth for exports which was reduced from 3.5%. For 2011, U.S. imports increased 3% in 2011 over 2010 while U.S. exports increased 6% year-over-year.
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*The JOC’s Annual Top 100 Importers and Exporters ranking is based on data from PIERS, a JOC sister company, and other industry sources.
Tags: containerized exports, containerized imports, JOC Top 100 Importers & Exporters, Journal of Commerce, Mario Moreno, PIERS, PIERS/JOC economist Mario Moreno, Top Exporters, Top importers, U.S. exports, U.S. imports