China lost its top spot as the biggest exporter of goods to the US last year, a title it held for 14 years. Political tensions straining Washington-Beijing ties are one reason. Another factor behind this trend is the growing move in the United States to reduce dependence on Chinese products.
The trade pivot showed up in statistics released by the US Commerce Department on Wednesday. They show imports of goods from China totaled 427.2 billion dollars in 2023, down about 20 percent from the previous year.
Mexico replaced China for the top spot. Imports from the central American country totaled 475.6 billion dollars, up more than four percent from 2022.
Mexico accounted for around 15 percent of the total amount of imports, opening up a one percentage point lead over China.
Total trade value -- the total of imports and exports combined -- between the US and China hit a record high in 2022. But even so, US export restrictions remain in place for semiconductors and other hi-tech goods, slowing the flow of goods across the Pacific.
The two world powers have set up a working group to avoid escalating tensions over economic ties. Both sides stress they will continue dialogue. But experts say it's possible we will see a further uncoupling of trade going forward.
The trade pivot showed up in statistics released by the US Commerce Department on Wednesday. They show imports of goods from China totaled 427.2 billion dollars in 2023, down about 20 percent from the previous year.
Mexico replaced China for the top spot. Imports from the central American country totaled 475.6 billion dollars, up more than four percent from 2022.
Mexico accounted for around 15 percent of the total amount of imports, opening up a one percentage point lead over China.
Total trade value -- the total of imports and exports combined -- between the US and China hit a record high in 2022. But even so, US export restrictions remain in place for semiconductors and other hi-tech goods, slowing the flow of goods across the Pacific.
The two world powers have set up a working group to avoid escalating tensions over economic ties. Both sides stress they will continue dialogue. But experts say it's possible we will see a further uncoupling of trade going forward.
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Summary
China lost its position as the largest exporter of goods to the U.S., a title it held for 14 years, due to increased political tensions and efforts by the U.S. to reduce reliance on Chinese products. Mexico replaced China with a 475.6 billion dollar import total, up 4% from 2022, accounting for
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ID: 197bbd18-1166-438b-a45b-c88452df13b3
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20240208_28/
Date: Feb. 8, 2024
Created: 2024/02/09 06:30
Updated: 2025/12/08 17:57
Last Read: 2024/02/09 15:10