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January Import Growth Slowing Down, Not Yet Going Down in the U.S.

China 1800 Cons. Discr. - Autos 678 Cons. Discr. - Durables 114 Energy - Conventional 278 European Union 416 Industrials - Capital Goods 271 Info Tech - Tech Hardware 389 Materials - Chemicals 98 Materials - Metals/Mining 498 Tariffs 1210 Trade Balance 671 U.S. 3373 United Kingdom 195 Vietnam 160

The U.S. seaborne import boom continued in January with total inbound shipments up 5.1% year over year while containerized freight rose 5.8%. There was a slowdown in shipment growth from China to just 0.7% from 12.0% in the fourth quarter. That was largely down to the tariff ceasefire reached between President Donald Trump and President Xi Jinping in early December reducing the need to build inventories. Shipments from other regions provided an offset. A 6.8% increase in imports from the EU didn’t include a Brexit-related burst in U.K. exports, which only rose 1.1%. Unsurprisingly China-...

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