The Journal of Commerce and PIERS reported Thursday that they have revised estimates for containerized import growth for 2011 and 2012 downward, citing weaker economic data reported by the US Government that will lead to a nearly stagnant import trade for the rest of the year.
Mario Moreno, Economist for The Journal of Commerce/PIERS, revised the annual growth estimate for the full year 2011 down from 4.7 percent to 2.7 percent, and from 6.8 percent to 4.4 percent for 2012.
He forecast year-over-year declines of 0.7 percent in overall imports and 2.4 percent for eastbound trans-Pacific trade for Q3 2011, followed by increases of 1.1 percent in overall imports and 0.9 percent in eastbound trans-Pacific trade in Q4.