New York - Following a strong economic pick-up in fourth quarter 2013, values for both imports and exports fell during first quarter 2014, compared to the previous quarter. According to a new report from supply chain research firm Panjiva, imports dropped 5.42% and exports 3.84% from fourth quarter 2013, though activity in March fared better than in January and February.
Some of the report highlights include:
- Despite labor safety concerns, Panjiva's data suggests Bangladesh is as an important source as ever; the value of U.S. imports is up 1%, compared to fourth quarter 2013 and the volume (number and weight) of shipments into the U.S. is also on the rise.
- Despite political tensions and economic sanctions imposed on Russia, imports from Russia actually increased 9% from fourth quarter 2013, while exports still dropped during the same time period by 5%; Vietnam also saw instability in the last few months due to tensions with China, but shipments remained slightly up in first quarter from the previous quarter at 3%.
- Saudi Arabia was a trading partner that stood out significantly in first quarter. While total trade actually declined this quarter, Saudi Arabia is actually the U.S.’s largest international buyer for dairy products and had a 142% increase in shipments since fourth quarter 2013.