This increase takes the total value of China-to-US imports during the warmer months to $292.64 million. In October, the monthly number hit its highest level of $44.83 billion, with this increasing from $41.21 billion in September and $40.82 billion in August.
Similarly, in July, the value of imports stood at $40.66 billion, $37.64 billion in June, $36.6 billion in May, $31.07 billion in April, and $19.81 billion in March. In short, the value of imports into the US, from China, has consistently increased month-on-month during the entirety of the period.
Looking at it from the other perspective, China’s imports from the US have also increased by 84.69%, to a total of $81.76 billion, according to Bankr’s data. Much like China-to-US imports, US-to-China trade peaked in October, at a $14.7 billion. Similarly, imports increased in a roughly upward trend, month-on-month.
The October figure was up 27.6% from the September sum of $11.53. The August figure of $11.03 billion was up 22% from July’s total of $9.03 billion. In June, the number was $9.24 billion, $9.64 billion in May, $8.6 billion in April, and $7.97 billion in March.
Bankr said that China’s growing imports to the US were part of a ‘strenuous’ effort to by the country to change its export framework after the financial crash in 2008. It added that the trade situation between the two countries has been made easier by an agreement to postpone further tariff hikes on each-other’s goods during the earlier stages of 2020.
Bankr said in its findings that: “Following the agreement, China promised to buy more American products to end a costly tariff battle over Chinese technology ambitions. Although the Chinese imports from the US have risen this year, the value is still low. The low value of imports is due to retaliatory tariffs. Notably, China fell behind on meeting the commitments earlier in the year but is catching up as demand rebounds.”
The pandemic has certainly played a part in China’s failure to uphold its end of the agreement – though subsequent trends have seen its manufacturing and exports recover faster than most other large economies.
Speaking on a potential renaissance in China-to-US imports, Bankr continued: “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.”