Mexico overtakes China as the leading source of goods imported to US
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Mexico surpassed China as the leading source of goods imported to the United States in 2023, reflecting growing tensions between Washington and Beijing. The value of goods imported from Mexico rose nearly 5% to over $475 billion, while Chinese imports tumbled 20% to $427 billion. The last time Mexican goods exceeded the value of Chinese imports was in 2002. The shift away from Chinese factories is due to U.S. efforts to import from friendlier and closer countries, as well as supply chain disruptions caused by the COVID-19 pandemic. Some Chinese manufacturers have established factories in Mexico to take advantage of the U.S.-Mexico-Canada Trade Agreement. The drop in U.S. reliance on Chinese goods reflects wariness of Beijing's economic policies and President Xi Jinping's handling of the COVID-19 pandemic. The overall U.S. trade deficit narrowed 10% to $1.06 trillion in 2023.
#Mexico #China #Trade #Imports #U.s.CommerceDepartment