Bad, with worse to come – COVID-19’s toll on U.S. imports in March

China 2658 Cons. Discr. - Apparel 387 Cons. Discr. - Durables 364 Cons. Discr. - Retailing 330 Coronavirus 452 European Union 679 Industrials - Capital Goods 486 Info Tech - Tech Hardware 635 Trade Balance 879 U.S. 4725 Vietnam 296

The impact of the COVID-19 outbreak on global trade can be clearly seen in U.S. seaborne imports in March, which fell by 10.1% year over year. Unsurprisingly that was led by a 34.0% year over year slide in shipments from China. That was a slower rate than seen earlier in the month, potentially reflecting the arrival of expedited shipments. Imports from Asia ex-China only increased by 2.7% as supply chain disruptions spread across Asian markets, likely due to a loss of upstream supply chain materials and components from China. Imports from Europe rose 0.3% but will likely drop as the effe...

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