MEXICO has surpassed China to become the biggest exporter of goods to the US in 2023, reports Nikkei Asia.
The US imported a total of US$427.2 billion from China last year, a roughly 20 per cent decrease from the year before, according to the US Bureau of Economic Analysis, a federal agency.
Meanwhile, mexico exported $475.6 billion to the US, up five per cent from 2022.
This is the first time in 20 years that Mexico became the leading source of goods imported by the US.
American companies have been diversifying supply chains due to unstable US-China relations. The Biden administration has been encouraging this trend, calling it 'friendshoring' to mitigate geopolitical risks.
Friendshoring means building up supply chains among like-minded countries and reducing dependence on geopolitical rivals.
SeaNews Turkey
The US imported a total of US$427.2 billion from China last year, a roughly 20 per cent decrease from the year before, according to the US Bureau of Economic Analysis, a federal agency.
Meanwhile, mexico exported $475.6 billion to the US, up five per cent from 2022.
This is the first time in 20 years that Mexico became the leading source of goods imported by the US.
American companies have been diversifying supply chains due to unstable US-China relations. The Biden administration has been encouraging this trend, calling it 'friendshoring' to mitigate geopolitical risks.
Friendshoring means building up supply chains among like-minded countries and reducing dependence on geopolitical rivals.
SeaNews Turkey
