Mexico Overtakes China as Largest US Supplier in 2023, Reaching New Import Record
-
Data shows Mexico surpassed China as the largest exporter to the US in the first 11 months of 2023, the first time since 2003.
-
US imports from China fell over 21% January-November 2023 compared to 2022, while imports from Mexico grew nearly 5%.
-
China's share of total US imports dropped to 13.9%, the lowest since 2004, while Mexico hit a record high 15.5%.
-
There are still deep economic dependencies between the US and China, but both countries are trying to "de-risk" relations.
-
Global supply chains are getting longer and production is shifting out of China towards neighbors like Vietnam.