Lower imports reflect sluggish economy

LOS ANGELES, Oct. 9 (UPI) -- A drop in shipping imports to U.S. container ports in August may hint that imports could be lower in coming months as retailers stock their holiday shelves.

The falloff of 1.4 percent "reflects the consumer-demand-driven weakness in the U.S. economy," Paul Bingham, an economist with Global Insight, told the Los Angeles Times.

The slump in containers unloaded at the 10 largest container ports in August was the first since Global Insight, a researcher that monitors cargo movements for the nation's top retailers, began its monthly Port Tracker report in 2005.

When the U.S. Commerce Department issues its report on international trade for August Thursday, imports and exports are expected to decline, Global Insight says. The firm said it expects exports would do better than imports because the weak U.S. dollar makes foreign products more expensive.

"The dollar has depreciated so much that American goods are more competitive," said Sung Won Sohn, chief executive of Hanmi Bank in Los Angeles. The import decline "tells you about what retailers are thinking about the holiday shopping season. They've cut back orders."

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