- The US is importing fewer goods from China, as supply chains shift away from the East Asian country.
- Goods imported from China into the US made up 14.6% of all imports in the 12 months through July, per a Bloomberg analysis.
The US has been importing a smaller proportion of goods from China — indicating a shift in global supply chains as companies diversify their manufacturing bases.
Goods imported from China into the US made up 14.6% of all shipments in the 12 months through July, according to $4 of data from the $4, published on Wednesday.
The country's share in the imports pie is down from a peak of 21.8% in the 12 months through March 2018, before $4 It's also the lowest percentage of US imports from China since 2006, per Bloomberg's records.
The data followed years of supply chain disruptions — including heightened Washington-Beijing geopolitical tensions, draconian COVID-19 pandemic lockdowns in China, and rising wages in China that make manufacturing costlier.
Now, Mexico and Vietnam appear to be taking away some of China's share.
Mexico's share of goods imported into the US hit a record high of 15% in the 12 months through July, while Vietnam's share was 3.7%, just off a record high reached in 2022, per Bloomberg.
In fact, $4 as the US' top trading partner at the start of 2023.
At almost 16% share of the total trade, $4 in July. The total trade between the two countries stood at nearly $462 billion, according to data from the Census Bureau. Canada and China were the US' second and third trading partners, respectively.
"Mexico's gains mirror its rise in manufacturing, a key component of goods moving between it and the US," $4, wrote in a July 11 post.
Mexico also has a geographical advantage as an alternative to China in the trend for manufacturers to "nearshore" their operations to the US, a large consumer market, Torres added.
"Nearshoring" refers to sourcing or producing goods from a nearby country.
$4 to serve their US customers amid tensions between Washington and Beijing. They include $4 and $4 $4 and $4
Meanwhile, other up-and-coming manufacturing hubs like Vietnam have also been enticing $4
Vietnam's key $4 is in apparel, footwear, electronics, and electrical appliances.
The Census Bureau did not immediately respond to a request for comment from Insider sent outside regular business hours.