My most recent blog illustrated the ebbs and flows of world economies with specific focus on the fact that China now dominates world trade with a share of 14.8% as compared to the next largest exporter which is the U.S at 8.5%. Interestingly, new data came out today indicating that Mexico became our largest trading partner (the total of imports and exports) in 2023 with Canada in second position followed by China. Rounding out the top five were Germany and Japan.
As depicted in this graph, U.S. imports from China fell 20% while imports from Mexico were up 5% rendering Mexico our largest source of imports for the first time in twenty years. The significant amount of trade with Mexico resulted in Port Laredo passing the Port of Los Angeles as America’s largest goods border crossing.