Jeffry Bartash of Market Watch reports that businesses are seeking cheaper suppliers closer to the U.S. and Mexico is quickly becoming the biggest hotspot in global trade. He writes:
Clothes, iPhones and TVs made in China have long made the Asian giant the biggest supplier of foreign-made goods to American consumers.
A steady increase in imports from Mexico during the past decade have made the southern border the biggest hotspot in global trade.
Mexico has doubled its imports to the U.S. since 2010, and this year, it’s on track to surpass China as the nation’s biggest supplier of foreign-made goods and services. China held that unofficial title since 2008.
The evolving pattern of trade comes as no surprise.
Relations between the U.S. and China have become chilly since the Trump administration. […]
The shift to Mexico from China as the primary source of imports is unlikely to reverse course, either.
Chinese imports have shrunk 24% through the first nine months of 2023 compared to the same period in 2022.
Read more here.