US trans-Pacific container imports expects sharp rise in 2008

US trans-Pacific container imports will show an improvement in 2008 followed by a sharper rise in 2009, economists and shipping operators said at the Trans-Pacific Maritime Conference yesterday. Mike Andrews, chief economist for Piers Maritime Research, forecast 5% increase this year and 9% in 2009 while Trevor Crowe of Clarkson Research said they would increase by 1-4% this year and 3.5-8% in 2009. Ron Widdows, chairman of the Transpacific Stabilisation Agreement, was more optimistic and quoted UBS bank figures of overall demand on the route rising 10% this year and again in 2009. Freight rates will rise 5% this year and 10% in 2009, partly due to supply and demand balancing out this year. All three agreed that Asia–Europe trade will continue to show double digit increases of as much as 19%, and the US share of world trade will show a slight, but steady decline. Asia’s share of US imports will continue to climb, with Andrews saying it will hit 78% in 2009.