Average February TV Import Had Cheapest Customs Value Since May
U.S. importers sourced 3.11 million TVs from all countries, in all sizes, in February, 1.3% fewer than in January but up 13.1% from February 2021, reported the International Trade Commission’s DataWeb portal Friday.
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TVs imported here in February had $314.03 average customs value, down 6.8% from January but 12.2% higher than February 2021, said DataWeb. Still, February’s average was the cheapest since May, before LCD panel shortages and high costs sent the pricing of finished TVs to record highs last summer.
TVs imported from Mexico reached 1.96 million sets in February, up 10.1% from January and a 24.1% increase year over year, said DataWeb. The average Mexican TV was valued at $401.14 in February, down 10.8% from January and up 9.5% from February 2021.
February marked 29 months since the List 4A Section 301 tariffs took effect on finished TVs from China, and those duties remain in effect at 7.5%. The February import data shows the unmistakable shift away from China as a country of origin for U.S.-bound TVs, and toward Vietnam, which also is no longer exclusively the world's haven for the cheapest entry-level sets.
TVs sourced from China declined 11.9% in February from January to just over 477,000 sets, and plummeted 36.1% from the 746,300 sets shipped here from China in February 2021, said DataWeb. The average Chinese TV import had $136 in customs value, 16.9% lower than January and 15% cheaper than a year earlier.
U.S. importers sourced 314,000 TVs from Vietnam in February. That was 24.9% fewer than in January, up 31.3% year over year. The average Vietnamese TV import had $177.74 in customs value in February. Though that was down 6% from January, it was up 36.1% year over year, rendering February TV imports from Vietnam about 30% more expensive than Chinese counterparts.
February imports to the U.S. of TVs from all countries with screen sizes exceeding 45 inches increased 3.7% to 1.68 million sets and rose 12.8% from February 2021, said DataWeb. Their average customs value of $451.51 declined 10.2% from January but rose 17.8% year over year. February TV imports with screen sizes between 36 and 45 inches increased 7.1% from January to just under 760,500 sets, which was also up 2.2% year over year. Those sets had $189.18 in average customs value, down 7% from January and 2.6% cheaper year over year.
U.S. importers in February sourced just over 512,000 TVs from all countries with screen sizes between 30 and 35 inches, said DataWeb. The February volume was down 13.6% from January but up 24.6% from February 2021. Their average value plunged 11.6% from January to $119.48 and was 13.5% higher than a year earlier.
TVs with 30- to 35-inch screen sizes were the darlings of the COVID-19 lockdowns that began in March 2020. Imports of TVs in that class reached 10.06 million units in full-year 2020, up 77.4% from 2019, before declining 28.7% in 2021. Unit imports of 1.1 million sets in that class for 2022's first two months were trending about 10% higher than in the year-earlier period.