Appliance shipments to the U.S. from China drop sharply
The trade war has taken a toll on imports to the U.S. from China, with the number of appliances entering the country dropping sharply in January, according to data from Panjiva, a global supply chain intelligence group. The year-over-year decline in refrigerator imports was 23.9% in January, while vacuum cleaners fell 14.9% for the period. Both items began to incur 10% duties in September. The steep declines are part of declines across a number of categories after a surge in December. Overall, imports to the U.S. were up 22.6% in December, and up an average of 14% for the fourth quarter of 2018. Imports from China were down 1.5% in January. "Among the major shippers of household appliances (including refrigerators and vacuums) both Samsung Electronics and LG Electronics have slashed their shipments in January with an 85.7% and 97.0% drop respectively," the Panjiva report said. The Amplify Online Retail ETF IBUY, +1.67% has gained 6.4% over the past three months while the SPDR S&P Retail ETF has lost 7.3% for the period, and the S&P 500 index SPX, +0.80% is up 0.3% for the period.
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