North America Transportation: May US Imports In Line With Seasonality As Annual Comps Ease

Research evidence excerpt

North America Transportation: May US Imports In Line With Seasonality As Annual Comps Ease

Equity Research

9 June 2026

North America Transportation

May US Imports In Line With

Seasonality As Annual Comps Ease

May US container imports increased 12% from last year and North America Transportation

7% from April, roughly in line with average seasonality; recent POSITIVE

air and ocean freight rates are up 20-30%. North America Transportation

Brandon R. Oglenski

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brandon.oglenski@barclays.com

BCI, US

Eric Morgan, CFA

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May data released this morning by Descartes suggest steady US containerized import

volumes amid easing comparisons. Total US May TEU imports increased 12% YoY (Figure 1)

and 7% from April, in line with long-term historical seasonality following a strong March and

softer April. The solid annual growth rate reflects easing comparisons as the industry laps the

initial effects of "Liberation Day" (May 2025 trailed avg. seasonality by high teens). May imports

from China improved 20% from April and 28% from the prior year, but remain 20% below peak

levels.

Forward indicators suggest West Coast strength likely to continue into June, with overall

annual growth likely to remain positive. Annualizing May trends for normal seasonality

implies US container imports should be up about 8% YoY in June as the industry continues to

lap easier tariff-driven comparisons from 2025. Current forecasts from Los Angeles and Long