Yet in this post, we won't explore Panjiva's offerings in detail (you can read about our past analysis on them here and here). The reason we're writing about them today is to share some of their insights on trade trends with US imports (USITC and USCB data) based on their latest Q2 Quarterly "Trendspotting" analysis which is available for free download on their site. Within this analysis, we learn, for example, that the fastest growing importers to the US are Canada (13% increase year-over-year for the same quarter), China (10% increase), Mexico (14% increase), Germany (17% increase) and Venezuela (37% increase). What's most curious here are China, Mexico and Germany.
In our view, we can largely dismiss Canada and Venezuela import hikes from a manufacturing perspective because of their energy exports to the US. In fact, the Q2 commodity classification winner for largest increase in US imports is "Petroleum oils and oils obtained from bituminous minerals, crude: testing under 25 degrees A.P.I." coming in at close to $7 billion in increased import spending. In total, mineral and oil import spending increased some 32% in the quarter showing a dollar increase of $28,187,721,984. In manufacturing (largely process industry), one of the most interesting commodity import increases was for organic chemicals, which increased 29% or roughly $4 billion in imports.
Stay tuned as we continue to explore Panjiva's Trendspotting data findings in Part 2 of this post.