US Importers Sourced More TVs in Oct. Than In Any Previous 2021 Month
October TV unit imports to the U.S. were the highest of any month this year, defying the trend in other retail product categories, in which October declines ended a 14-month streak of year-over-year growth (see 2112080022). The average October TV import trended larger and slightly less inflationary compared with shipments in recent months.
U.S. importers sourced 5.21 million TVs in all sizes and from all countries in October, up 13.3% sequentially from September, but 39.37% fewer than in October 2020, when COVID-19-induced consumer demand was still surging across virtually all screen classifications, according to Census data we accessed through the International Trade Commission’s DataWeb portal. The average October import value inched 3.4% higher from September to $363.90, signs of a moderation in TV price increases from previous months fueled by record-high LCD panel costs. Still, the average October import was 39.3% costlier than in October 2020.
If importers brought product in early in the summer as a hedge against supply-chain bottlenecks during the peak holiday selling season, there also was evidence of an inventory buildup as the months progressed into the fall. Monthly TV import volume increased 12.2% sequentially on average from the 3.31 million sets shipped here in June to the 5.21 million units that arrived here in October. But year-to-date imports from January through October were down 11.1% from the same 2020 period to 38.57 million TVs.
Mexico, the world’s top country of origin for TV imports to the U.S., shipped 3.14 million sets here in October, up 12.9% sequentially from September, but 15.4% fewer than in October 2020, said DataWeb. January-October shipments of 23.32 million sets from Mexico were roughly flat compared with a year earlier.
China shipped 1.08 million sets to the U.S. in October, up 25.5% from September, but 41% fewer than in October 2020. Chinese shipments for 2021's first 10 months plunged 42.5% from a year earlier to 7.64 million. Experts attribute this year’s double-digit decline in Chinese imports to a tough comparison with 2020, when shipments from China surged after COVID-19 TV demand spikes caught the supply chain in other countries flatfooted (see 2106140024). Year-to-date TV imports from Vietnam, meanwhile, jumped 4% to 3.97 million sets, for 10% of total January-October shipments, behind China’s 19.8% and Mexico’s 60.5%.
October unit imports of TVs with screen sizes exceeding 45 inches increased 21.7% sequentially from September to 3.35 million sets, and were down 13.8% from October 2020. Sets in those screen sizes had the highest month-on-month growth in any screen classification and the lowest rate of decline. Sets exceeding 45 inches were 62.4% of the total October TV import mix, compared with 58.1% in September and 59.6% in October 2020. Year-to-date imports were down 7.6% to 22.4 million sets.
U.S. importers sourced 1.06 million TVs with screen sizes between 35 and 45 inches, 19.1% fewer than in October 2020, but up 12.5% sequentially. January-to-October shipments in that classification declined 5.2% year over year to 8.98 million sets. Their average value declined 2.8% month over month to $219.46, but were 46.6% more expensive than in October 2020.
October imports with screens between 30 and 35 inches were the month’s weakest TV category, according to DataWeb. U.S. importers sourced slightly more than 702,000 sets, 6.1% fewer than in September, and the only screen classification to show a month-over-month decline. Those sets lost about three points of share compared with September and October 2020, declining in the month to 13.5% of all TV imports. Shipments for the year’s first 10 months fell 29.7% to 5.78 million sets, the sharpest rate of year-to-date decline of any screen classification.