US trade with China slumps by 45% in just seven months following deepening tensions
Data gathered by Learnbonds.com reveals that the value of United States trade in goods for both exports and imports with China has dropped by 45.12%. The dropped is largely attributed to the trade war between the United States and China.
The data shows that in March 2020, the value of U.S. trade in goods with China amounted to around $27.78bn with imports totalling to $19.81bn and exports at $7.97bn. In August last year, the total trade value stood at $50.62bn with imports at $41.19bn while exports were $9.43bn. From August last year, the value declined and slightly rose in October to $49.04bn.
Between January and March this year, the trade value dropped by about 32.09%. Between March last year ($41.6bn) and March this year ($27.78bn), the total trade value has slumped by 33.2%.
The data further shows that between August last year and March 2020, imports dropped by a staggering 51.9% while exports slightly plunged by 15.48%.
From the data, it is clear that the trade value shows that imports are the most impacted compared to exports. Generally, the drop is expected to continue.
According to our research report: “From the start of the year, trade between China and the US was already declining before the Coronavirus pandemic set in. With the crisis, supply chain disruptions, unemployment, and a drop off in demand might further plunge the trade.”
The research also compared the monthly value of export for both the United States and China from April 2017 to March 2020. China’s total export value stood at $7.27tn while the United States value was $7.18tn, a percentage difference of 1.2%. The US export value has been consistent and the lowest figure was $187.7bn while the highest value for the export was in April 2018 at $213.3bn.
For China, the exports were valued highest in January and February at $292.45bn. The lowest value was registered in February last year at $135.24bn.