Data released by import-export specialists Zepol shows the top 10 Chinese importers to the US in the year to date, compared to the same period in 2014.
It was previously reported by PTI that Chinese ports are expected to continue growing at a phenomenal pace in the next six years with annual growth rates reaching as much as 6% year-on-year.
Although there has been a recent slump in the Asian economy which could counter this predicted growth.
To download Zepol’s Top 20 US ocean port report, click here
(Source: Zepol Corporation)
Despite being the largest port in China and the world, Shanghai came in second for Chinese exports to the US. Barring a few ports, the majority have seen higher exports in the last 12 months.
Jonathan Roach, Container Market Analyst at Braemer ACM Shipbroking, said: “It's all down to macroeconomics in the end. US GDP is estimated to grow 2.5% in 2015 and 3.0% next year (IMF Data).
“US consumer confidence has increased noticeably since 2011 and the employment situation has buoyed this new confidence and assisted a solid recovery in the US housing market in terms of new house construction and second hand housing sales.
“If the IMF are correct and the US GDP does increase to 3.0% next year, then Chinese ports will benefit from significantly higher liftings to US destinations.”
According to the American Journal of Transportation, the US has recently announced that it will be strengthening its economic ties with Vietnam as the US became the largest export market in 2014, with goods valued at more than US$30 billion, suggesting that it’s purchasing power for imports could also be in line to boom.
If this is the case, China’s export growth could continue to surge, while Vietnam begins to compete for the title of largest exporter to the US.