According to data from the US Census Bureau, Mexico will overtake China as the largest exporter to the United States.
Various news sources in the United States have reported that while the official figures for 2023 won’t be released until February 7, the data shows that Mexico is set to surpass China as the top importer.
Mexican exports to the United States grew by five percent between January and November 2023, the Census Bureau reported. In the sam period China’s exports decreased by 22 percent compared with 2022. As a percentage of total imports to the United States, China’s share dropped below 14 percent, the lowest figure of 19 years. At the same time, Mexico’s share grew to a record 15.5 percent.
During this period, Mexico’s exports to the United States totaled $US438.986 billion, while China lagged behind with $US393.137 billion, the data said. In third place is Canada, Canada whose cumulative exports for 2023 totalled $US387.727 billion.
Economists say the figures are not a blip, but indicative of the new trading relationship between the United States and China, and the emergence of nearshoring. Ongoing trade tensions between the United States and China have also led to unpredictable and fluctuating tariffs on Chinese imports. This unpredictability has incentivized U.S. businesses to diversify their sources of supply.