May 2023 Sees Significant Surge in $18M Imports of Screwdrivers to the U.S.
U.S. Screwdriver Imports
After three months of growth, supplies from abroad of screwdrivers decreased by -20% to 1.3K tons in May 2023. In general, imports recorded a perceptible decline. The most prominent rate of growth was recorded in October 2022 with an increase of 20% m-o-m. As a result, imports attained the peak of 1.9K tons. From November 2022 to May 2023, the growth of imports remained at a lower figure.
In value terms, screwdriver imports soared to $18M (IndexBox estimates) in May 2023. The total import value increased at an average monthly rate of +1.2% from May 2022 to May 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The most prominent rate of growth was recorded in August 2022 when imports increased by 16% month-to-month. As a result, imports reached the peak of $20M. From September 2022 to May 2023, the growth of imports remained at a lower figure.
Imports by Country
China (625 tons), Taiwan (Chinese) (384 tons) and Vietnam (167 tons) were the main suppliers of screwdriver imports to the United States, together accounting for 93% of total imports.
From May 2022 to May 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +14.6%), while imports for the other leaders experienced mixed trend patterns.
In value terms, Taiwan (Chinese) ($10M) constituted the largest supplier of screwdriver to the United States, comprising 59% of total imports. The second position in the ranking was taken by China ($3.3M), with a 19% share of total imports. It was followed by Vietnam, with a 5.8% share.
From May 2022 to May 2023, the average monthly growth rate of value from Taiwan (Chinese) amounted to +3.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-3.3% per month) and Vietnam (+1.3% per month).
Import Prices by Country
In May 2023, the screwdriver price stood at $14,016 per ton (CIF, US), picking up by 45% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +4.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Taiwan (Chinese) ($27,217 per ton), while the price for China ($5,250 per ton) was amongst the lowest.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.4%), while the prices for the other major suppliers experienced mixed trend patterns.
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