Good afternoon,

Linked below is the Import Export Report for July 2018.

Here are a few key findings:

• Imported beer posted another strong month in July and continued to gain share against domestically produced brands.
• Import volume grew by 8.9% during July, and each of the top five largest source countries increased.
• Import volumes are up 5.5% year-to-date through July. This positive long-run trend towards growth in imported beer volume is due to consumer trade-up, which has been driving growth among imports and domestic above-premium beers for several years.
• Over the last four months, import volumes are growing at about double the pace of their long-run trend. This above average growth is largely due to improved performance of the U.S. dollar versus other major currencies, which began earlier this year.
• Continued appreciation of the dollar compared to other major currencies may lead to an acceleration in the long-run trend in imported beer sales, depending on how long the dollar’s appreciation lasts and how high its value climbs.

If you have any questions, please reach out.

Cheers,

Michael Uhrich
Chief Economist