Is the U.S. Pulling Away From China Economically?
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The U.S. trade deficit in goods trade with China narrowed to its lowest level since 2010 last year, as imports from China fell by more than $100 billion compared to the previous year. In fact, imports from the world’s largest exporter were even lower than in 2020, when imports from China had fallen to $432 billion amid an ongoing trade war between the two countries and disruptions caused by the Covid-19 pandemic.
According to the U.S. Census Bureau, the deficit with China decreased more than 25 percent to $279 billion in 2023, as tensions – both economic and political – between the two superpowers have remained high. Amid those tensions, many companies have tried to reduce their dependency on China by diversifying their supply chain or moving final assembly to other Asian countries.
Moreover, Chinese platforms like Temu, which are shipping increasingly large quantities of packages directly to U.S. consumers, take advantage of the so-called de minimis exception, which allows packages worth less than $800 to enter the U.S. tariff free. These shipments aren’t counted in U.S. trade data, meaning that actual imports from China are higher than official data suggests.
Dataset
Month | Exports | Imports | Balance |
---|---|---|---|
January 2024 | 12,073.1 | 35,793.6 | -23,720.50 |
February 2024 | 12,010.9 | 31,894.8 | -19,883.90 |
January 2023 | 13,092.6 | 38,252.9 | -25,160.30 |
February 2023 | 11,618.6 | 30,620.6 | -19,002.00 |
March 2023 | 14,181.1 | 30,789.7 | -16,608.60 |
April 2023 | 12,794.4 | 33,077.3 | -20,283.00 |
May 2023 | 10,679.2 | 35,890.6 | -25,211.50 |
June 2023 | 10,223.1 | 34,334.1 | -24,111.10 |
July 2023 | 10,659.5 | 36,099.5 | -25,440.00 |
August 2023 | 10,765.3 | 36,724.7 | -25,959.40 |
September 2023 | 11,834.6 | 40,282.0 | -28,447.40 |
October 2023 | 16,046.5 | 41,570.7 | -25,524.20 |
November 2023 | 13,903.9 | 35,494.9 | -21,591.10 |
December 2023 | 12,006.9 | 34,092.1 | -22,085.20 |
January 2022 | 11,414.3 | 47,699.5 | -36,285.20 |
February 2022 | 11,606.7 | 42,277.1 | -30,670.30 |
March 2022 | 13,566.4 | 47,299.9 | -33,733.50 |
April 2022 | 11,345.0 | 41,751.3 | -30,406.30 |
May 2022 | 12,305.4 | 43,810.9 | -31,505.50 |
June 2022 | 11,541.0 | 48,532.2 | -36,991.20 |
July 2022 | 12,383.0 | 46,569.7 | -34,186.70 |
August 2022 | 12,893.1 | 50,380.2 | -37,487.10 |
September 2022 | 11,819.7 | 49,250.2 | -37,430.50 |
October 2022 | 15,769.6 | 44,605.7 | -28,836.10 |
November 2022 | 15,784.5 | 36,902.2 | -21,117.70 |
December 2022 | 13,583.4 | 37,228.2 | -23,644.80 |
January 2021 | 13,009.8 | 38,837.4 | -25,827.70 |
February 2021 | 9,264.6 | 33,824.6 | -24,560.00 |
March 2021 | 12,811.1 | 39,943.4 | -27,132.40 |
April 2021 | 11,928.4 | 37,374.3 | -25,446.00 |
May 2021 | 12,406.3 | 38,495.0 | -26,088.70 |
June 2021 | 12,141.2 | 39,785.8 | -27,644.60 |
July 2021 | 11,757.2 | 40,287.0 | -28,529.80 |
August 2021 | 11,244.7 | 42,868.0 | -31,623.30 |
September 2021 | 11,019.8 | 47,334.3 | -36,314.60 |
October 2021 | 16,651.8 | 47,909.5 | -31,257.80 |
November 2021 | 15,884.5 | 48,222.2 | -32,337.70 |
December 2021 | 13,312.7 | 49,404.5 | -36,091.80 |
January 2020 | 7,155.7 | 32,944.7 | -25,788.90 |
February 2020 | 6,826.0 | 22,576.6 | -15,750.60 |
March 2020 | 7,933.5 | 19,638.1 | -11,704.60 |
April 2020 | 8,635.9 | 30,730.1 | -22,094.30 |
May 2020 | 9,699.7 | 36,318.7 | -26,619.10 |
June 2020 | 9,240.6 | 37,286.9 | -28,046.20 |
July 2020 | 9,090.1 | 40,469.8 | -31,379.80 |
August 2020 | 10,969.4 | 40,598.9 | -29,629.60 |
September 2020 | 11,503.3 | 41,003.2 | -29,499.90 |
October 2020 | 14,803.1 | 44,654.3 | -29,851.20 |
November 2020 | 14,211.7 | 44,700.4 | -30,488.70 |
December 2020 | 14,512.6 | 41,626.2 | -27,113.60 |