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How Cheap Are U.S. Imports from China?
The U.S. is undergoing a process of economic decoupling from China. This shift, marked by increased tariffs, export controls and initiatives to boost domestic production, represents a significant change in U.S. trade policy.
One implication of this process is that the prices of goods the U.S. imports may increase significantly. China is an important source of competitively priced products, and as U.S. companies seek alternative suppliers or reshore production, they may face higher costs. This could lead to increased prices for American consumers and businesses across various sectors.
This blog post examines the extent of China’s price advantage relative to alternative suppliers. In particular, we study 2023 trade data from the U.S. Census Bureau, with products disaggregated at the 10-digit Harmonized System (HS) level. The HS is a standardized system for classifying imported and exported products. Given the limited availability of price data, we use a proxy for prices called “unit values,” which are calculated by dividing the dollar value of imports by the quantity. While differences in unit values and prices may also reflect differences in quality or product characteristics, they can nevertheless provide valuable insights into broad pricing patterns and market positioning across countries and products.
One implication of this process is that the prices of goods the U.S. imports may increase significantly. China is an important source of competitively priced products, and as U.S. companies seek alternative suppliers or reshore production, they may face higher costs. This could lead to increased prices for American consumers and businesses across various sectors.
This blog post examines the extent of China’s price advantage relative to alternative suppliers. In particular, we study 2023 trade data from the U.S. Census Bureau, with products disaggregated at the 10-digit Harmonized System (HS) level. The HS is a standardized system for classifying imported and exported products. Given the limited availability of price data, we use a proxy for prices called “unit values,” which are calculated by dividing the dollar value of imports by the quantity. While differences in unit values and prices may also reflect differences in quality or product characteristics, they can nevertheless provide valuable insights into broad pricing patterns and market positioning across countries and products.
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