Despite there is more push for local manufacturing, retail imports are peaking.
An uptick in jobs and lower consumer debt in the U.S. has continued to push retail imports to new highs in 2017 in the country, even as the White House pushes for revisions in trade agreements and for more local manufacturing.
The website Porttechnology.org recently published an estimate of 4.9% growth in container imports for 2017, much higher than the 3.1% re-ported in 2016, while August preliminary figures show the potential for 1.73 million TEU (Twenty Foot Equivalent Unit, a standard container measurement) after 1.69 million TEU in June, the last month with available figures.
Imports: a leading player
Among adding studies, Transparency Market Research (TMR), a market intelligence company, has found that the compound annual growth rate (CAGR) will be 5.70% during the period from 2017 to 2025.
According to Port Technology, in terms of geography, the report has classified the worldwide container fleet market into:
- Asia Pacific
- Middle East and Africa
- Latin America
- North America
As far as imports, cargo ships and goods moved during 2016, Asia Pacific dominated the global market with a 35.2% share.
Globalization promises international expansion
Apart from Asia Pacific, as stated by the index, regions like the Middle East and Africa are expected to grow significantly.
This among container fleets in the near future thanks to a notable expansion in the oil, gas, and chemicals industry.
Adding to the news, the Transparency Market Research (TMR) stated the following:
“The global market for container fleet is expected to gain significantly from the rise in intermodal transport.”
The report also explained three other points to consider:
- “The intermodal transportation, which refers to shipping intermodal containers, including large steel containers, offers better efficiency and is capable of carrying many containers on a daily basis.”
- “The augmenting demand for intermodal containers has, consequently, reflected on the need for container fleet, resulting in the high growth of this market.”
- “In addition to this, the escalating demand for refrigerated cargo shipping is projected to impact positively on this market in the years to come.”
Consult here the complete statistics and other studies.