When an event disrupts the supply chain, how do we know which industries are most impacted by product shortages?
A new U.S. Census Bureau experimental data product, the Trade by Industry and Product Statistics (TIPS), provides unique information: it combines the types of industries engaged in international trade and the types of products they import and export. TIPS data are currently available for 2021 and 2022.
TIPS accomplishes this by combining product-level International Trade data with industry-level data from the Business Register — the Census Bureau’s database of all businesses across the United States. TIPS expands upon the Profile of U.S. Importing and Exporting Companies which provides statistics about businesses that import and export goods.
Let’s dig into an example using TIPS and the International Trade data. Lithium-ion batteries are essential goods powering everything from smart phones to household appliances, power tools and vehicles. Since the COVID-19 pandemic, demand for lithium-ion batteries has surged.
A new U.S. Census Bureau experimental data product, the Trade by Industry and Product Statistics (TIPS), provides unique information: it combines the types of industries engaged in international trade and the types of products they import and export.
The United States imported $18.6B of lithium-ion batteries (Harmonized System code: 850760) in 2023, nearly quadruple the value imported in 2020 (Figure 1). At the same time, there is growing concern over risks to the lithium-ion battery supply chain and potential shortages that could impact numerous industries and even national security.
But not all lithium-ion batteries are created equal. For example, the lithium-ion batteries used in electric vehicles are different from those used in smart phones, which means lithium-ion battery supply chains may differ by industry.
So, which industries will be hardest hit by shortages? That’s what stakeholders across the country — in government, private sector and the general public — want to know.
Figure 2 shows the top five industries that imported the largest dollar values of lithium-ion batteries in 2022.
In 2022, motor vehicle manufacturers in the U.S. imported more than double the value of lithium-ion batteries of the next-largest importer (Households and Electronic Goods Wholesalers).
Did motor vehicle manufacturers import such a high value of lithium-ion batteries in the past or was it related to the recent shift toward electric vehicle production?
TIPS allows users to compare the value of lithium-ion imports by industry and how it changed from 2021 to 2022. Imports by motor vehicle manufacturers, for example, more than tripled while other leading importers remained relatively stable (Figure 3).
This story showed how you can use TIPS to look at the industries importing lithium-ion batteries.
With TIPS, you can also find out the product types and values imported by a given industry. For example, what other products do motor vehicle manufacturers import?
In addition to imports, TIPS includes data about exports from 2021 and 2022. Which industries exported lithium-ion batteries? What other products did motor vehicle manufacturers export?
You can also link TIPS to other Census Bureau data to expand your understanding of the supply chain.
Questions or comments? Contact us at [email protected].
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