Early Import Numbers Post Steep Decline
23 April 2009
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WASHINGTON, D.C. (BRAIN)—Bicycle imports in January and February posted the steepest decline in almost 10 years. Suppliers pulled the plug on factory orders to cope with inventory build-up at the end of 2008 and amidst worries over a deepening recession.
Statistics released by the Commerce Department show that 746,941 fewer units entered the U.S. in those two months when compared to the same period in 2008—a 31 percent drop. The last time the industry experienced such a steep decline was in 2001 as the nation struggled through a milder recession and the impact of 9/11.
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