United States imports from China have grown by 126.29% to $292.64 bln between March and October this year, indicating that despite the pandemic, the US remains dependant on China’s low-cost goods, according to data compiled by Bankr.
As of October and undeterred by the coronavirus, the Dutch financial comparison site said the value of imports stood at $44.83 bln, the highest figure during the review period. In September, the value stood at $41.21 bln, a growth of 0.9% from $40.82 bln in August.
In July the value of imports was $40.66 bln, while in June the figure stood at $37.64 bln. The figure represented a growth of 2.8% from May’s figure of $36.6 bln. In April, the value stood at $31.07 bln, while in March, it was at $19.81 bln.
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 of $81.76 bln, 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 bln, an increase of 27.6% from September’s $11.53 bln. As of August, the value was $11.03 bln, an increase of about 22% from July’s $9.03 bln.
As of June, the value was $9.24 bln, while in May, the figure stood at $9.64 bln. In April, the value was $8.6 bln, while in March, it was at $7.97 bln.
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.”