US imports are at their lowest point in five years, according to data released today by the US Department of Commerce, but although trade with the vast majority of countries has plummeted since March, US imports from China are increasing.
What happened? The value of U.S. imports fell to $ 164 billion in May, the lowest monthly figure in more than five years. However, imports from China, the largest source of imports from the United States for more than a decade, actually increased from a 10-year low from $ 20.7 billion in March to $ 36.6 billion in May.
Because it is important: More US imports from China are likely to be the result of servicing the accumulated demand since the first quarter of 2020, when supply chain disruptions prevented many US companies from buying imports from outside the country. The United States’ trade surplus with China – imports minus exports – increased again to $ 27.9 billion in May, from just $ 12 billion in March. That will not make the President of the United States, Donald Trump, happy: his trade policies with China aim to reduce that surplus.
Because it’s interesting: Even through a pandemic and a trade war, the United States remains incredibly dependent on Chinese goods. After falling out of first place in February and March, China was once again the number one source of U.S. imports in April and May.
How to find more information: Check USA Trade Online for the best and most up-to-date US-specific data For international statistics, the Trade Map panel of the International Trade Center has detailed and easy-to-use data on trade between countries.
This story is part of a new series we’re testing, “The Thing,” in which we examine what a graph can tell us about the global economy.
