U.S.-China Trade On the Rise, As Flooring Imports from China Decline

February 09, 2023 from Floor Focus FloorDaily News

New York, NY, February 9, 2023 – Despite security concerns, U.S. commerce with China is on the rise, reports the Wall Street Journal.

However, flooring imports from the country have been in decline, says analyst Santo Torcivia of Market Insights.

“U.S. imports of goods from China totaled $536.8 billion in 2022, a 6.3% increase from the prior year and close to the record $538.5 billion reached in 2018, the Commerce Department said earlier this week. U.S. exports to China grew 1.6% to $153.8 billion last year, pushing the total commerce between the two countries to a record $690.6 billion. The figures aren’t adjusted for inflation.”

As for the flooring business, the percent of Chinese flooring sold in the U.S. market peaked in 2014 at 32% (by dollar value). According to Torcivia’s latest read, as of September 2022, that number has fallen to 21% due to three factors: the shift in flooring production to Vietnam and other Asian countries; the increase in U.S. manufacturing of flooring from Asia-based companies; and the loss of the ceramic tile import business, which peaked at around $500 million, and due to anti-dumping tariffs, has fallen to virtually zero.