From Canada too!
By Augusta Saraiva
August 8, 2023 at 11:15 AM EDTMexico and Canada have replaced China as the top providers of goods to the US as a nearshoring push encourages more diversified supply chains.
The US imported about $203 billion in goods from China in the first six months of the year, 25% less than in the same period in 2022 . . .
The Asian country is now the third-largest provider of merchandise to the US behind Mexico and Canada.
Dallas Fed confirms
Mexico seeks to solidify rank as top U.S. trade partner, push further past China
Luis Torres
July 11, 2023Mexico became the top U.S. trading partner at the beginning of 2023, with total bilateral trade between the two countries totaling $263 billion during the first four months of this year.
Mexico’s emergence followed fractious U.S. relations with China, which had moved past Canada to claim the top trading spot in 2014. The dynamic changed in 2018 when the U.S. imposed tariffs on China’s goods and with subsequent pandemic-era supply-chain disruptions that altered international trade and investment flows worldwide. . . .
Mexico–U.S. trade during the first four months of 2023 represented 15.4 percent of all the goods exported and imported by the U.S.; the Canada–U.S. share followed at 15.2 percent and then the China–U.S. share at 12.0 percent (Chart 1).
I’m no expert, but this seems like good news.
Less reliance on China and a stronger Mexican economy lessening emigration motivation.
Win win situation!
