China Outpaced as Top Supplier of Imports to U.S.

Hong Kong, China, February 8, 2024-“For the first time in 17 years, China was dethroned as the United States’ top source of imports, offering fresh evidence that Washington’s tariffs and supply-chain diversification efforts are bearing fruit,” according to the South China Morning Post.

“Mexico outpaced China in 2023 in terms of total value of goods shipped to the US, according to data from the U.S. Census Bureau released on Wednesday.

“Total U.S. imports from China last year reached $427.2 billion, falling by 20.3% compared to 2022, and slightly higher than the $421.1 billion from Canada in 2023, census data showed.

“Meanwhile, the U.S. bought $475.6 billion worth of goods from Mexico in 2023, increasing by 4.6% year on year.

“China’s share of U.S. imports also dipped to 13.9% in 2023, its lowest level since 2004. China’s share peaked at 21.6% in 2017, before the trade war began; it was 16.3% for 2022. China had been the top goods supplier to the U.S. since 2007, when it surpassed Canada.”

Related Topics:U.S. Census Bureau