The value of United States trade in goods for both exports and imports with China has dropped by almost half in just seven months, a change largely attributed to the tariff wars between the two countries. Data gathered by Learnbonds.com indicates that between August 2019 and March 2020, the total trade value declined by 45.12%.
In March 2020, the value of U.S. trade in goods with China amounted to around $27.78 billion which composed of imports totaling to $19.81 billion and exports at $7.97 billion. In August last year, the total trade value stood at $50.62 billion with imports at $41.19 billion while exports were $9.43 billion. Notably, this was the highest figure in trade value between March 2019 and March 2020. From August last year, the value declined and slightly rose in October to $49.04 billion. Between January and March this year, the total trade value in goods has dropped by about 32.09%. Between March last year ($41.6 billion) and March this year ($27.78 billion), the total trade value has slumped by 33.2%.
An overview of the trade value shows that imports are the most impacted compared to exports. Imports have significantly slumped while exports have remained largely consistent. For example, between August last year and March 2020, imports dropped by a staggering 51.9% while exports slightly plunged by 15.48%. At the start of the year, the value of imports stood at $7.22 billion and later increased to $7.97 billion in March. On the other, hand during a similar period export slumped by 40.47%. In general, trade value is mainly swayed by imports which are dropping while exports are rising but gradually.