China is no longer the #1 source of US imports, for the first time since 2008
Kyiv • UNN
In 2022, China ceased to be the main source of US imports, losing ground to Mexico for the first time since 2008 due to reduced economic dependence on China and diversification of supply chains.
China was the second-largest source of imported goods to the United States last year on a customs clearance basis, losing the first place it has held since 2008 to Mexico. This was shown by official trade data, KYODO writes, reports UNN.
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The change is further evidence of the United States' decreasing economic dependence on China, although President Joe Biden's administration has reiterated that it has no intention of disconnecting economically from China.
In 2023, goods exported from China to the United States fell 20.3 percent from a year earlier to $427.23 billion, accounting for 13.9 percent of total imports.
At the same time, US imports from Mexico have increased by 4.6 percent since 2022 to $475.61 billion, which is 15.4 percent of the total.
China is followed by Canada with 13.7% of US imports. Then Germany with 5.2% and Japan with 4.8%.
Viewing China as a geopolitical rival, the Biden administration has imposed a number of restrictions on trade with the world's second largest economy for national security reasons.
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China's share of U.S. imports has been steadily declining after Biden's predecessor, Donald Trump, imposed several rounds of tariffs on Chinese goods.
The data showed that the US trade deficit with China last year reached its lowest level since 2010, falling by 26.9 percent to $279.42 billion.
The pandemic, which has caused shortages of semiconductors and other key industrial products, has accelerated the diversification of the supply chain away from China and promoted "friendshoring," which the United States has been encouraging to deepen economic ties between allies and trusted countries.
