The coronavirus pandemic continued taking a toll on the aggregate volume of goods and services traded between the U.S. and China in March 2020. Year over year, the combined value of goods imported and exported between the two nations fell by $13.8 billion, or 33%, from the level recorded in March 2019.
Using trailing twelve-month averages to smooth out annual seasonality in the data, we estimate a gap of $3.4 billion has opened between the pandemic-impacted level of trade for this measure and a counterfactual trajectory based on what that trajectory may have reasonably looked