Mexico overtakes China to become the largest trading partner of the United States in 2023

In 2023, U.S. purchases of Chinese products reached $427.2 billion, down 20% from 2022. On the other hand, Mexico exported $475.6 billion worth of goods to the United States, which is 4.6% more than in the previous year.

This was enough for Mexico to become the largest exporter to the United States, pushing China aside in the trade race for the first time in 21 years. The share of Chinese goods in total US imports has also declined. In 2023, it was 13.9%, the lowest since 2004. In 2022, it reached 16.3%.

This trade performance reflects the US " friend-shoring " strategy - diversifying supply chains by moving production facilities to countries with more value-based alignment with the US.