Data presented by Bankr indicates the United States imports from China have grown by 126.29% to $292.64 billion between March October 2020. In March, the coronavirus was declared a pandemic.
US dependant on China’s low-cost goods
As of October, the value of imports stood at $44.83 billion, the highest figure during the review period. In September, the value stood at $41.21 billion, a growth of 0.9% from Augusts’ $40.82 billion.
In July the value of imports was $40.66 billion while in June the figure stood at %37.64 billion. The figure represented a growth of 2.8% from May’s figure of $36.6 billion. In April, the value stood at $31.07 billion, while in March, it was at $19.81 billion.
The research also reviewed the value of China’s imports from the US during the same period. The value increased by 84.69% to a total value of $81.76 billion, which is at least 3.5 times less than US imports from China.
The highest value of China imports from the US was in October at $14.7 billion, an increase of 27.6% from September’s $11.53 billion. As of August, the value was $11.03 billion, an increase of about 22% from July’s $9.03 billion.
As of June, the value was $9.24 billion, while in May, the figure stood at $9.64 billion. In April, the value was $8.6 billion, while in March, it was at $7.97 billion.
The Bankr research highlighted some of the reasons behind the imbalance between imports and exports between the two countries. According to the research report:
“Despite the exiting trade wars, the US still depends heavily on China for providing low-cost goods that enable income-constrained American consumers to sustain themselves. The US also relies on China to support its exports. Notably, China is emerging as the United States’ major export partner.”