Mexico Overtakes China as Top U.S. Importer, According to New Calculations

Bloomberg story says Mexico just became top U.S. importer, using 12-month import share average
But MarketWatch calculates Mexico took lead in Q3 2022 using simpler quarterly balance of payments data
Mexico has held #1 U.S. importer title all of 2023 based on MarketWatch calculations
MarketWatch prefers simpler trade data calculations vs Bloomberg's complex formula
Mexico overtook China amid trade war tariffs and companies nearshoring to North America

marketwatch.com

Relevant topic timeline:

8/20/2023

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

### Summary Mexico has become the top trading partner of the United States, surpassing China and Canada, with trade reaching $263 billion in the first four months of this year. This shift reflects an accelerated move towards "nearshoring" and regional trade, driven by factors such as increased protectionism and the desire for faster delivery times. ### Facts - 🇲🇽 Mexico has overtaken China and Canada as the top trading partner of the US since the start of the pandemic. - 🌍 The $263 billion worth of goods traded between Mexico and the US in the first four months of 2021 accounted for 15.4% of total US trade. - 🌎 In comparison, trade totals with Canada and China were 15.2% and 12% respectively. - 🚚 The practice of "nearshoring," where countries bring supply chains closer to home, has gained momentum, driven by factors such as increased protectionism and the demand for faster delivery times. - 📉 The economic chaos of 2020 continues to shape the world economy, with regional trade and nearshoring becoming more prominent. Please note that the article also mentions the improving relationship between the US and China, as well as the potential for growth in trade between Mexico and the US. However, these points are not included in the bulleted facts above.

8/20/2023

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

Trade between the US and Mexico has surpassed China and Canada as America's top trade partner, reaching $263 billion in the first four months of 2022, indicating a shift towards regional trade and nearshoring.

8/17/2023

Global smartphone market to hit decade low in 2023 but Apple could take top spot, research shows

Apple's iPhone sales in China have surpassed those in the United States for the first time, contributing to Apple potentially becoming the biggest player in the smartphone market this year, despite global smartphone shipments being on track to be the worst in a decade due to economic headwinds in China and the US, according to Counterpoint Research.

8/23/2023

Analysts predict 2.9% GDP growth in Mexico this year

Mexican economy is forecasted to grow by 2.9% in 2023, while the Mexican peso is expected to trade just under 18 to the US dollar by the end of the year, according to a survey of analysts by Citibanamex.

8/24/2023

Brazil clears bottlenecks to oust US as top corn exporter

Brazil is on track to surpass the United States as the world's top corn exporter due to a combination of a record harvest and improved logistics, with northern export routes becoming more competitive and cost-effective than traditional ports in the south.

8/26/2023

India's Engineering Exports to Russia Skyrocket While US and China Face Setbacks; Diversification Urged

Engineering exports from India to Russia experienced a significant surge in July 2023, more than doubling expectations, while exports to the US and China faced setbacks, highlighting the need for Indian exporters to explore the untapped potential of African and Latin American markets.

9/16/2023

US Stays Top Dog in 2023 Global Power Rankings; India, Saudi Arabia Move Up

The US, China, and Russia remain the world's most powerful countries in 2023, according to US News & World Report's global power rankings, with India and Saudi Arabia seeing a jump in their rankings this year.

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Posted 9/19/2023, 1:08:00 PM

Mexico Overtakes China as Top U.S. Importer, According to New Calculations

Bloomberg story says Mexico just became top U.S. importer, using 12-month import share average
But MarketWatch calculates Mexico took lead in Q3 2022 using simpler quarterly balance of payments data
Mexico has held #1 U.S. importer title all of 2023 based on MarketWatch calculations
MarketWatch prefers simpler trade data calculations vs Bloomberg's complex formula
Mexico overtook China amid trade war tariffs and companies nearshoring to North America

marketwatch.com

Relevant topic timeline:

8/20/2023

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

8/20/2023

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

8/17/2023

Global smartphone market to hit decade low in 2023 but Apple could take top spot, research shows

8/23/2023

Analysts predict 2.9% GDP growth in Mexico this year

8/24/2023

Brazil clears bottlenecks to oust US as top corn exporter

8/26/2023

India's Engineering Exports to Russia Skyrocket While US and China Face Setbacks; Diversification Urged

9/16/2023

US Stays Top Dog in 2023 Global Power Rankings; India, Saudi Arabia Move Up