America’s import engine may be running out of steam. U.S. consumer goods imports fell by some $1.5 billion by value in May, helping narrow the trade gap for the second month in a row. The WSJ’s David Harrison reports the drop in imports of goods including televisions, apparel and furniture comes as retailers pull back on orders because of waning consumer demand for big-ticket items. That has left warehouses overstuffed as Americans feel the pinch from inflation and shift spending to travel and leisure. The trade gap is now at $85.5 billion, down from a high of $107.7 billion in March. That turnaround has been helped by growing overseas sales of crude oil and natural gas. The slipping imports heading into the summer add to the uncertainty over peak-season shipping demand. Despite the decline, U.S. ports report continuing congestion both on the West Coast and at East Coast gateways.

There are signs of relief in semiconductor markets that have contributed to strains in supply chains over the last two years. Prices of the memory chips used in nearly every electronic gadget have come down to levels that suggest the demand boom is likely over. The WSJ’s Jiyoung Sohn reports the average contract price for a major type of memory, called DRAM, fell by 10.6% during the April-to-June quarter from last year. Taiwan-based TrendForce says that was the first such decline in two years, and prices are expected to decline even more dramatically in the months ahead. Easing stress in chip demand carries big implications across a range of supply chains. Memory chips are used in everything from automobiles to smartphones to refrigerators. Some chip makers are pulling back their outlooks, and Samsung Electronics says it’s already seeing a slowdown in the global tech boom.

Europe’s thirst for natural gas is reverberating around the rest of the world. Far-away countries are finding it difficult if not impossible to import liquefied natural gas, the WSJ’s Saeed Shah and Anna Hirtenstein report, as Europe swallows up supplies as an alternative to Russian gas. The price of LNG, which is moved by ship around the world, has rocketed 1900% from a bottom reached two years ago. Current prices are the equivalent of buying oil at $230 a barrel. LNG normally trades at a discount to oil, at least when there is gas to be bought. Pakistani officials say a tender this week for around $1 billion of LNG attracted no offers. It’s one sign of how Russia’s invasion of Ukraine has triggered upheaval in global energy markets. In some cases, cargoes for poorer nations have been diverted to Europe, despite penalties for contract violations.

New applications for unemployment benefits in the U.S. edged higher but remained near recent lows. (WSJ)

Copper prices have fallen to their lowest level in nearly two years amid concerns over an intensifying economic slowdown. (WSJ)

The New York and New Jersey port authority ended talks with Amazon over a deal to develop air cargo facilities at Newark Liberty International Airport. (WSJ)

Shell is investing billions of dollars in drilling in the Gulf of Mexico even as political uncertainty clouds production prospects. (WSJ)

Construction of new manufacturing facilities in the U.S. has more than doubled over the past year as more companies talk about returning production from overseas. (Bloomberg)

The International Energy Agency says countries need to expand manufacturing of solar panels from their current concentrated base in China to ensure secure supply. (Reuters)

A coalition of rail shippers wants President Biden to establish a Presidential Emergency Board to help railroads and labor unions reach a contract settlement. (Progressive Railroading)

The new CEO of Target-owned Shipt plans to diversify the grocery-delivery company’s business by targeting a wider range of stores. (Minneapolis Star-Tribune)

Incidents of so-called dark activity by cargo ships in the Black Sea are increasing as Ukraine tries to probe alleged theft of grain from Russian-occupied territory. (Lloyd’s List)

Turkey released a Russian-flagged vessel suspected of carrying looted Ukrainian grain. (TradeWinds)

China’s Cosco Shipping expects its earnings to grow 74% to $9.6 billion in the first half of the year. (ShippingWatch)

South Korea’s Daewoo Shipbuilding & Marine Engineering is facing severe financial difficulties that the CEO says are reaching emergency levels. (Splash 247)

Trucking fleet failures accelerated rapidly in June. (FleetOwner)

Pittsburgh-based less-than-truckload carrier Pitt Ohio acquired New York-based Teal’s Express. (Journal of Commerce)

Chicago-based warehouse management software startup Logiwa raised $16.4 million in a Series B funding round. (DC Velocity)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.