After the pandemic-driven surge in consumer demand that triggered a frenzy of shipping activity and skyrocketing prices, logistics and transportation companies are signaling a fast slowdown.
With consumer demand wavering and retailers coping with excess inventories at overstuffed warehouses, global container volumes fell 8.6% in September, according to maritime data group Container Trade Statistics, reaching the lowest level since February during a period when shipping is usually at its strongest. The rapid falloff is hitting imports into the U.S. hard. Research group Descartes Datamyne says container imports from China into the U.S. were down nearly 23% in October from the annual high in August.
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