America’s biggest trading partner is no longer China but this countryBy Shannon Thaler
Published Sep. 12, 2023
Mexico has overtaken China as America’s biggest trading partner as the US looks to import goods closer to home and minimize its reliance on geopolitical rivals, according to Bloomberg.
America’s southern neighbor made up 15% of US imports in July, compared to 14.6% from China, according to data analyzed by the outlet.
The number of Chinese shipments in July were at their lowest level since the start of COVID, dropping by 14.5% in July compared to the same month last year, according to data released by Beijing last month.
The findings also showed that imports fell by 12.4% as the ruling Communist Party struggles to dig out of its post-pandemic funk.
Meanwhile, foreign direct investment (FDI) in Mexico is up more than 40% in the country this year as US companies increasingly shun China, Bloomberg reported. Last month, President Joe Biden and Congress imposed trade restrictions on Beijing, which seek to protect domestic microchip and tech-related manufacturing.
* * *
Source:
https://nypost.com/2023/09/12/americas-biggest-trading-partner-is-now-mexico/