The Commerce Department has provided data showing the United States is flooded with high-tech products from China. Good news is U.S. importers have found some other sources to replace China.
According to data released on Wednesday, Sept. 4, by the department’s Bureau of Economic Analysis (BEA), the United States imported up to $75.2 billion of advanced technology goods from China in the first seven months of 2019, more than any other countries.
However, that number represents a decrease of $19.9 billion, or down 20.9%, from $95.1 billion recorded in the same period of 2018.
Meanwhile, the United States exported only $19.9 billion of advanced technology goods to China in the January-July period, nearly unchanged from $20.3 billion a year earlier.
Total imports of high-tech goods were $277.1 billion in the first seven months, virtually unchanged from last year’s 276.9 billion, which means U.S. purchasers may be shifting away from China to other sources.
The data indicates the Trump administration’s tariff policies are pushing down the imports of made-in-China high-tech products while China’s retaliatory measures are having little impacts on U.S. exporters.
The other sources that U.S. businesses have looked to for high-tech goods include Taiwan, the European Union, and Japan, with imports from these markets rising significantly from a year earlier.
High-tech products are among other Chinese goods, which saw a decline in U.S. purchases. Data shows the United States imported a total $260.6 billion worth of goods from China in the first seven months of 2019, down from $297.1 billion a year ago.
The U.S. total exports to China were $60.7 billion in the January-July period, representing a deficit of nearly $200 billion.
The U.S. total goods deficits in the first seven months of 2019 increased to $513.7 billion, from $501.2 billion a year earlier.
The latest data enforces the chance President Donald Trump would keep tough stance on China, after accusing Beijing of ripping off the United States via unfair trade practices.