Despite an ongoing war between Ukraine and Russia and rising tensions over Taiwan, trade between China and the US continues at high levels. More than a third of containerized imports coming into America come from China. The US buys more than a sixth of China’s total exports. But recently these situations have changed. The fall in American imports from China becomes much more than a fall in overall imports. On the other hand, other Asian countries continue to get more shares from the American market, which they started before the pandemic.
Imports from China have fallen faster than total imports.
According to data from Descartes, US imports in October remained at almost the same level as September, but imports from China fell about 5.5% on a monthly basis. However, imports from Thailand, South Korea, Taiwan, Japan and other Asian countries increased. This decline is also reflected in bookings from China.
Other Asian countries are also getting a larger share of the US market.
For many years since the financial crisis, the US has imported more from China than other Asian countries. As can be seen from the chart below, imports from China were higher than imports from other Asian countries in the first nine months of each year between 2009 and 2019. While it was almost at the same level in 2020 and 2021, imports from other Asian countries were higher than imports from China in 2022.
perspective for the future
Due to the current political and economic conditions worldwide, companies have to find alternative sources of supply. Trading is a living organism and may vary depending on conditions. Past habits or connections can be replaced with new ones at any time. In this respect, we will see together how the distribution of supply resources will look like on the American market. Let’s see who will be the winner of this competition: China or other Asian countries?