Stimulus package "accelerates peak season"
Piers, the US trade database, said the second US economic stimulus package for first-time home buyers led to a 20 percent increase in imports from China in May, an 8.1 percent increase from April and an overall 12.2 percent year-to-date.
The company reported overall container traffic moving through Chinese ports soared by 21.9 percent in May from a year earlier, hitting an all-time monthly high of 12.44 million TEUs.
Piers suggested cargo backlogs and rising freight rates are an indicator that the 2010 ocean and air peak shipping season may be arriving two months early.
According to Piers economist Mario Moreno: "The tax credit for first-time home buyers appears to be the reason for the early increase in traffic. Homeowners seeking to furnish their new residence are stimulating an increase in the furniture category."
China furniture imports increased in May to 114,000 TEUs – up by 17,378 from the previous year. Piers said June statistics are likely to endorse this trend with even blankets, sheets and towels showing an increase of 32.8 percent over 2009.
