TurkishJournal – Enes Kılıç –
Rising tensions between the US and China have taken a toll on their once-thriving trade partnership, which served as the engine of the global economy in the 2000s. Official data released Wednesday by the US Census Bureau’s Economic Analysis Office shows that US trade with China contracted significantly in 2023.
US imports from China declined by 20% in 2023 to $427.2 billion. This marks the first time in two decades that US imports from China have lagged behind those from Mexico.
Mexico became the top exporter to the US in 2023, surpassing Canada, which had held the position for the past two years. With exports to the US totaling $475 billion, Mexico also dethroned the Port of Los Angeles as the nation’s busiest port for the first time in decades. The Port of Laredo in Texas, which is a major hub for trade with Mexico, saw a significant increase in activity in 2023.
While US international trade experienced a slight decline in 2023, falling to $5.1 trillion, it still marked the second-highest year on record after the all-time high of $5.3 trillion in 2022. The US trade deficit remained above the $1 trillion mark for the third consecutive year, reaching $1.1 trillion in 2023.
