China’s share of US goods imports fell to the lowest level since 2006 in the 12 months through July, according to a new report by the US Census Bureau.
The share of imported merchandise coming from China was 14.6% on average over that period, the data published Wednesday showed. That’s down from a peak of 21.8% in the 12 months through March 2018, just before former US President Donald Trump ramped up a trade war with the Asian country.
American companies have been reorganizing supply chains in recent years amid the US government’s attempts to reduce the economy’s dependence on China, as well as fragilities exposed by the pandemic.
Countries like Mexico and Vietnam have benefited from the shift, with Chinese exports to and foreign direct investment in those places also on the rise. Mexico’s share of US goods imports rose to 15% on average in the 12 months through July, the highest on record in 30 years of data. Vietnam’s share was 3.7%, a bit below the high reached in 2022.