Imports Drop to Lowest Level Since Pandemic Started: Report
High inflation, record fuel costs, and a slowing economy have resulted in a sharp decline in U.S. imports—numbers not seen since the start of the pandemic, experts report.
Imports dropped 11 percent in September compared to the same time a year before, driven mostly by a decrease in Chinese trade, according to an Oct. 10 report by Descartes Systems Group, a logistics research firm.
“The decline in Chinese imports was the greatest driver of the overall decrease in U.S. imports and was felt most on West Coast ports as most East and Gulf Ports continued operating at higher overall volumes,” wrote Chris Jones, executive vice president of industry and services at Descartes….