Posted 1/19/2024, 8:44:44 PM
China Exports Plunge as U.S. Imports Shift Away from China to Mexico
- China's exports dropped 4.6% in 2023, the first contraction in dollar terms in 7 years
- U.S. imports from China fell 13% in 2023, the biggest drop since 1995 records began
- Mexico is set to overtake China as the top source of U.S. imports for the first time in 17 years
- U.S. fashion companies are reducing China exposure due to tariffs, forced labor concerns, and geopolitics
- Political risk is rising in other major garment exporters like Mexico, Honduras, and El Salvador