Anticipating tariffs, NC imports of precious metals, inorganic chemicals spike

North Carolina’s imports have surged through May 2025 — driven by a rush of front-loaded shipments and dramatic spikes in chemical and precious metal imports — as businesses brace for looming tariffs proposed by President Donald Trump.

Recently, the Carolina Journal reported a similar trend reflected in the data regarding pharmaceuticals and organic chemicals. In a related field, there has been a similar increase in imports of precious metals, inorganic chemicals, and other miscellaneous chemicals. 

“Through May 2025, North Carolina’s imports rose 40% year-to-date, climbing from $33.8 billion to $47.3 billion,” Joseph Harris, fiscal policy analyst for the John Locke Foundation, told the Carolina Journal. “The spike resulted from firms significantly increasing demand early in the year, front-loading shipments in anticipation of tariffs.”

One notable surge was seen in imports of miscellaneous chemical products, which rose by 44% year-to-date, according to data from the Economic Development Partnership of North Carolina (EDPNC). However, imports of inorganic chemicals experienced an even more dramatic increase, soaring 247% over the same period. The year-over-year monthly gains were especially striking: 280% in February, 149% in March, 211% in April, and a staggering 1,197% in May.

The most significant changes were observed in imports of natural pearls, precious stones, metals, and coins, which experienced a staggering increase of 2,727% — from $77.2 million to $2.2 billion year-to-date. This surge was concentrated primarily in the first quarter of 2025, with January imports soaring 3,749% and February imports climbing an even more dramatic 4,979% compared to the same months the previous year.

“Likely, the startling increase in natural pearls, precious stones, metals, and coins was driven by imports from Switzerland, which leaped nearly 600% year-to-date, climbing from $278.6 million to $1.9 billion, the highest percent increase among North Carolina’s European trading partners,” concluded Harris. “Switzerland’s top export category is natural pearls, precious stones, metals, and coins, and this pattern likely reflects speculative purchasing ahead of tariff announcements.”

Despite being a European country, Switzerland is not a part of the European Union, a 27-country bloc, which Trump recently threatened with 30% tariffs starting Aug. 1. 

Despite a recent surge in imports, this trend could easily change as tariffs are implemented and the impact on North Carolina’s economy begins. Harris, and other experts, blame the surge on manufacturers and businesses stockpiling supplies due to uncertainty caused by the current trade climate and in anticipation of tariffs being implemented, causing a drastic cost jump. 

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