US importers are stocking up on Chinese goods before the import tariffs apply, Maersk informed. However, it warned that a trade war would damage demand for container shipping in the future.
Namely, according to Maersk, imports into the US from China increased 5 to 10% in the third quarter, while companies such as Walmart and Home Depot built up inventories to prevent new import tariffs.
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As Maersk’s Chief Executive, Soren Skou, said it is ironic that after President Trump announced the tariffs, the US have been importing more from China.
Nevertheless, the trade war will damage the container industry, as after the spike in shipments, a slowdown will follow next year, Mr. Skou added.
In fact, Reuters reports that Chinese imports from the US were less by 25 to 30% in Q3 compared to 2017. What is more, a trade war is possible to reduce global container trade by 0.5 and 2% percent in 2019 and 2020, Maersk informed.
In addition, container shipping volumes, except those from Hamburg Sud, were less than expected, decreasing by 1.9%.
Another indicative result of the trade war can be seen on the imports of US soya beans. Specifically, during the beginning of the soya bean exporting period in the US, BIMCO said informed of a 97% decrease in the amount of soya beans US sends to China.
