Value of USA Electrical Appliances Imports Steady Growth from 2019 up to end of 2020
Mar. 29 2021
Swept by Covid-19 all around the world, economies and trade has inevitably been seriously affected with many businesses operating at limited capacity or ceasing operations completely. Nonetheless, the US Electrical Appliance imports still maintained a strong increase of 11% growing to a full year import value of $36b USD for the whole year of 2020, compared to $32b USD for 2019.
China, the top exporter with 40% of the total world export value to US, picked up 14.8% in 2020 rising to $15b USD, showing gradual growth for Q3-Q4, thanks to the ease of lockdown policy and factories re-opening in mainland. USA second trade partner for electrical appliances, Mexico, reported a flat figure at $7.24b USD.
The next three top Electrical appliance trade partners were Republic of Korea, Germany and Thailand; with Korea and Thailand showed solid growth of 25% and 38% respectively. For some product groups, notably refrigerators, the recent trade spat has paved the way for Thai manufacturers to increase exports to the US. Germany reported a healthy rise of 6% in 2020.
Among the top 10 exporters, only Canada saw smaller year-to-date declines of 6%.
Indonesia (No.12), Vietnam (No. 9) and Poland (No. 22) were the highlights of the most potential rise, which contributes 110%, 54.9% and 20% value increase in 2020. Figures were US$ 0.27 billion, US$ 0.79 billion and US$ 82 million.
For some EU countries like France, Spain and Sweden, showed a mild down trend in 2020. Sweden has down the most, 27%, while others’ slipped from 10-12%.
The electrical appliances industry is expected to register mild growth in 2021-2022. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. Also, consumers purchased more appliances such as bigger refrigerators, vacuum cleaners and washing machines, etc to manage changing lifestyles under WFH (Work From Home) maybe a stimulus for a better figure as well.