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.

businessinsider.com

Relevant topic timeline:

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

Visualizing All of China's Trade Partners

China has a complex network of trade partnerships with over 200 countries, regions, and territories, and it has a trade surplus with the majority of them, including the US and India, while having deficits with major Asian economies like Taiwan, Japan, and South Korea. These trade relationships are influenced by historical, geopolitical, and strategic factors.

8/25/2023

How expanding China-led economic bloc Brics adds to the yuan’s global clout

The US dollar will remain dominant in global trade, but China's yuan is gaining popularity among developing countries such as Russia, Brazil, India, and South Africa.

8/24/2023

Dedollarization suffers a blow as the greenback's share in global payments hits a record high

Despite efforts by countries like China and Russia to reduce the dominance of the US dollar, its share in global payments has reached a record high, with 46% of foreign-exchange payments in July involving the greenback, according to SWIFT data.

8/29/2023

Factories May Be Leaving China, but Trade Ties Are Stronger Than They Seem

Even as the United States tries to reduce its reliance on Chinese goods, research suggests that global supply chains remain deeply interconnected, with Chinese products making their way into America through other countries. Changes in trade relationships and supply chains have caused China's share of US imports to decline, but countries like Vietnam and Mexico have seen an increase in imports from China, indicating that Chinese firms are still heavily involved in the supply chains. This reshuffling of supply chains has led to higher prices for goods and calls into question whether the US has truly lessened its dependence on China.

9/7/2023

The US just imported its smallest share of Chinese goods in 17 years — and the big winners are Mexico and Vietnam

The US is importing fewer goods from China, with Chinese imports making up the lowest share since 2006, as supply chains shift to countries like Mexico and Vietnam.

9/13/2023

Russia-Ukraine War Reshapes Global Trade as US Pivots Away From China Toward Mexico

The trade sanctions imposed on Russia have benefited India and China, with Russia becoming the biggest supplier of crude oil to India and the bilateral trade between Russia and China potentially surpassing $200 billion this year, resulting in the US reshaping its global trade strategies and Mexico overtaking China as America's biggest trading partner.

9/19/2023

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

Mexico has surpassed China as the top exporter to the U.S. for all of 2023, according to Bloomberg and MarketWatch calculations.

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Posted 8/20/2023, 1:54:00 PM

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

businessinsider.com

Relevant topic timeline:

8/23/2023

Analysts predict 2.9% GDP growth in Mexico this year

8/24/2023

Visualizing All of China's Trade Partners

8/25/2023

How expanding China-led economic bloc Brics adds to the yuan’s global clout

The US dollar will remain dominant in global trade, but China's yuan is gaining popularity among developing countries such as Russia, Brazil, India, and South Africa.

8/24/2023

Dedollarization suffers a blow as the greenback's share in global payments hits a record high

8/29/2023

Factories May Be Leaving China, but Trade Ties Are Stronger Than They Seem

9/7/2023

The US just imported its smallest share of Chinese goods in 17 years — and the big winners are Mexico and Vietnam

The US is importing fewer goods from China, with Chinese imports making up the lowest share since 2006, as supply chains shift to countries like Mexico and Vietnam.

9/13/2023

Russia-Ukraine War Reshapes Global Trade as US Pivots Away From China Toward Mexico

9/19/2023

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

Mexico has surpassed China as the top exporter to the U.S. for all of 2023, according to Bloomberg and MarketWatch calculations.