Imports at the Port of Baltimore saw a substantial increase of 70.89% in May, following an incident where the Francis Scott Key Bridge was struck by a container skip, according to analysis of the latest U.S. Census Bureau data. In May, the total import value surged to $2.47 billion, marking a $1.02 billion rise from April's figures. This growth is particularly noteworthy considering that cargo traffic through the channel was only fully restored in early June.
However, year-to-date imports through May paint a different picture, down by 28.09% to $17.27 billion, reflecting the temporary disruption caused by the bridge incident. Expectations are optimistic for stronger numbers in June as operations at the port stabilize throughout the month.
On the export side, recovery has been slower, with year-to-date exports declining by 42.08% to $5.55 billion. This disparity highlights ongoing efforts at the port to recover diverted traffic and restore normal trade flows.
The Port of Baltimore, a significant hub on the Eastern Seaboard, previously held a dominant position in both imports and exports before the bridge incident. Despite challenges, efforts are underway to fully restore operational capacity and regain lost market share.
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