I believe that is mostly what happened. Unless you choose to believe ships traveled from NYC empty to load cotton in southern ports. Or that they traveled empty from Europe to southern ports.
I believe most cotton was carried by coastal ships from the South to NYC, where it was loaded onto ships to cross the Atlantic. Presumably those ships loaded a good chunk of the imported goods to travel back to their southern ports.
NYC was the #1 cotton export port, followed by New Orleans and Mobile, but I think at quite some distance.
Likely the former. In the year prior to the war something like 90% of all cotton exported left from southern ports. Less than 10% was shipped out of New York. Based on tariff collections they weren't showing up packed with imports.
NYC was the #1 cotton export port, followed by New Orleans and Mobile, but I think at quite some distance.
I'd like to see your source for those figures.