Mexico Surpasses Canada as Top US Trade Partner, China Falls by 16.7%
Summary from the AllSides News Team
Mexico was the United States’ biggest trading partner in 2023, new data from the U.S. Commerce Department shows.
The Details: Mexico and the U.S. exchanged $798.8 billion in goods in 2023. America exchanged $774.3 billion in goods with its second-biggest trading partner, Canada, which was its top trading partner in 2021 and 2022. Trade with Mexico and Canada was up 2.5% and 2.4% respectively, in 2023, while trade with third-biggest partner China was down 16.7%. The U.S. and China exchanged $575 billion in 2023.
For Context: China was the biggest American partner between 2015 and 2018. Canada and Mexico then became top partners in 2019 as tensions between the U.S. and China escalated into a trade war. Mexico, Canada, and China accounted for 42.1% of the $5.1 trillion trade total, and Germany overtook Japan for the fourth-biggest American partner.
How The Media Covered It: Business Insider (Lean Left bias) included context on the declining status of Chinese imports, attributing it to the Trump administration’s tariffs implemented in 2018. It also included context on Mexico’s surging economy and highlighted the 2020 NAFTA replacement, the United States-Mexico-Canada Agreement. Forbes (Center bias) included context on how U.S. trade partners have fluctuated, which American ports have been the most active, and which goods have been traded the most. ZeroHedge (Lean Right bias) gave context on the ongoing trade war between the U.S. and China but did not mention President Trump’s 2018 tariff.
Featured Coverage of this Story
From the LeftThe US is now buying more from Mexico than China for the first time in 20 years
New data released Wednesday by the Commerce Department showed that in 2023, Mexico was the leading source of goods imported to the US — ahead of China for the first time in over 20 years.
Mexico surpassing China as America's top trade partner signals a significant shift in global commerce dynamics. As tensions between the US and China persist, fueled by trade disputes and tariffs, this transition to Mexico helps reduce costs and speed up the supply chain, ultimately lowering the costs of goods in the US.
Between 2022 and 2023, the value of goods imported to...
From the CenterU.S. Does More Trade With Mexico In 2023 Than Any Nation Ever, Data Shows
Mexico did more trade with the United States in 2023 than any nation previously, according to U.S. trade data released today.
U.S. trade fell slightly 3.85% in 2023, according to U.S. Census Bureau data. The $5.1 trillion total remains the second-greatest total on record, trailing only the $5.3 trillion total in 2022.
In addition to a new top trade partner, the nation has a new top port, a new leading export and a new leading import.
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From the RightUS Trade With Mexico Surges To No. 1 Position
Mexico was the biggest trade partner of the U.S. in 2023 and the biggest source of the country's imports ahead of China.
As Statista's Katharina Buchhoz details below, trade with Mexico - both imports and exports - totaled close to $800 billion last year as efforts to source closer to home and reduce dependence on China are ongoing in the U.S. and other Western countries.
The U.S. has also intensified trade with its neighbor to the North.
Canada is currently the country's top 2 trade partner and top 3 source of imports, only slightly behind...