Value of USA imports of electrical tools achieves strong YoY growth in 2020
Mar. 29 2021
Expected Healthy Growth gain in 2021
Despite the slowdown in a lot of US imports in 2020, the US imports of electrical tools delivered an impressive increase of 14% in 2020 vs 2019 achieving $6.6 billion USD for the whole year of 2020, compared to US $5.8 billion for 2019.
The top exporter, China, recorded a slight decrease of 6% to US $3.76 billion in 2020 after 5-consecutive-year of growth. The second largest exporter, Mexico, on the other hand, delivered a very robust growth of 38% in 2020, reaching US $0.8 billion compared to US$ 0.6 billion for 2019.
Looking at the growth engines of trade partners for US imports of electrical tools, we need to maintain a watch on Southeast Asia countries. Vietnam (jumped to No. 2) whilst Thailand also featured as a top 10 supplier of electrical tools. Vietnam has exponentially grown to US$ 0.79 billion in 2020 with Thailand delivering a 188% increase in 2020 compared to the same period in 2019.
No.4 & No. 6 exporters, Taipei, Chinese & Japan – saw a moderate increase of 11% & 5% respectively.
Among the top 10 exporters, all 4 EU countries Germany, Sweden Austria and Italy, showed a mild downwards trend in 2020 after few years of regular upwards as a result of the Covid-19 lockdown policy impacting the supply chain from Q2. Sweden was down the most, 11%, while others dropped between 7-10%.