China-U.S. Trade Drops 21% in April; Maersk Sees 30%-40% Decline, $38.6 Billion Cargo Loss Amid ASEAN Export Surge

“US ports are facing an initial sequential [cargo volume] drop of at least 20% versus pre-tariff levels due to cancelled and paused orders. What is the cargo value of such a decline? A staggeringly high $38.6bn.” 👀 — Greg Miller, Lloyd’s @ed_fin

Container Bookings from China to the U.S. are plunging: 🇨🇳 https://t.co/rpnL9kAgDO

Maersk sees 30%-40% drop in China-US trade and ‘race’ for inventories ▶️Demand weakness is centred in US; volumes in other trades still growing at around 4% ▶️Ocean carriers are showing much greater rate discipline during current disruption than at the tail end of the pandemic