Cargo ships with containers at port

A slow start to the peak shipping season (mid-summer) has turned around as the volume of European imported goods has risen since July, especially for Italian and French wines. The Port Authority of New York noted a record setting month for total volume at the port. Import volume alone was up 6.5% compared to August 2015.

“The increase was driven in part by increased imports from Italy and France, especially for products including wine, furniture and tiles, mineral water and perfume, according to customs records analyzed by port data-tracking firm Panjiva.”According to Chris Rogers, an analyst from Panjiva, consumer confidence and a strong exchange rate has aided importation demand. Many large East Coast ports have experienced the increase in business. The Ports of Virginia and Savannah saw an increase of 9.1% and 7.1% this August compared to August 2015, respectively. This comes as a nice surprise to the slow start of the season.

Source: WSJ

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