As we complete the final quarter of 2014, some wonder how the economy faired during this time. Imports into the US certainly triumphed. The US Commerce Department reported a .9% increase in imports during October to $240.97 billion. This has been the highest increase in six months. For certain commodities, like equipment and heavy machinery, this is the highest import level in more than 20 years. These companies are working with shipping experts like freight forwarders. And by doing so, they are securing excellent ocean freight shipping rates for imports.
The increase in imported goods to the US should not come as a surprise. American consumers have more available income to spend now. Gas prices have plummeted, which could give consumers hundreds of dollars more per household every year to spend. Home values are rising as well.
Nations in Asia, like China, and nations in Europe are benefiting greatly from an economic standpoint as a result of the imports to the US. However, the US might have some issues with this story. Exports, while up in October, could not keep up to pace with the rising imports. As a result, it is projected that the Gross Domestic Product (GDP) will probably decrease during this final quarter of 2014. However, the domestic economy should be fine. In addition to increased consumer spending, businesses in the US are also spending more through investments. In turn, the investments will increase job growth. Thus, it seems that increased US imports might actually be a blessing in disguise.