China's Export Restrictions Benefit US as Imports Hit 17-Year Low

The US has seen a decline in the proportion of goods imported from China, reaching its lowest level since 2006, as supply chains shift away from the country. In the 12 months through July, Chinese goods accounted for 14.6% of all US imports, down from a peak of 21.8% in 2018. Mexico's share of US imports hit a record high of 15%, while Vietnam's share reached 3.7%. Mexico's rise in manufacturing and its geographical advantage as an alternative to China have contributed to its increased share, while Vietnam has attracted manufacturers looking to diversify away from China.