The strong impact of Covid-19 on America
Deep Fall in US Exports in Q2-2020: -29.5% YoY in $
Published by Marcello Antonioni. .Uncertainty International marketing Conjuncture Check performance International Marketing
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According to pre-estimates based on the latest U.S. Census Bureau statistics, in the second quarter of 2020 (see ExportPlanning datamart) American exports dropped as ever before: total US exports fell by almost 30% in USD values compared to Q2-2019.
For the first time in the last decade, quarterly values of American exports of total goods returned below $300 billion (compared with $415 billion in 2019).
An unprecedented collapse in US exports ...
The outbreak of the pandemic in the US during the second quarter (with over 2.4 million new cases) led American exports to sink - as documented by US Census Bureau data - both in April (-29.1% YoY in USD values) and, above all, in May (-36.3%), with an ExportPlanning estimate1 for June of -22.9%.Trends in Covid-19 Epidemic in the USA: CONFIRMED CASES (LEVEL - TOTAL)
After a weak but not yet dramatic first quarter (-3.1% YoY in USD), followed by the great collapse documented above, the first half of the year is expected to show a YoY decrease of more than 16% in cumulative terms for US exports.
.. with falls between 30% and 40% in H1-2020,
in several sectors.
In particular, the most penalized sectors (calculated as YoY delta values) are the following:
- Planes: -$13,126 million in H1-2020 (-35.1% YoY);
- Petroleum products and derivatives of coal: -$12,046 million (-22.6%);
- Cars, buses and caravans: -$9,393 million (-33.6%)
- Engines and other aircraft components: -$8,220 million (-26.3%);
- Jewellery and watches: -$7,855 million (-43.1%);
- Non-electric parts and accessories for motor vehicles: -$6,721 million (-36.2%);
- Motor vehicles for the transport of goods: -$4,053 million (-37.5%);
- Books and other products of creative activities: -$3,436 million (-36.2%);
- Energy raw materials: -$3,167 million;
- Engines and chassis for motor vehicles: -$2,607 million (-34.4%).
1) Please refer for details to US Trade Datamart's Methodological note.