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As the U.S.’ closest land neighbors, Canada and Mexico have been amongst the country’s largest trade partners for many years. Along with their geographic proximity, the key North American Free Trade Agreement (NAFTA) which took effect in 1994, allowed the free movement of goods across the three countries.
Mexico in particular benefited greatly from NAFTA, and has become the primary source of agricultural products for both the U.S., and Canada. In 2022 the country overtook China to become the U.S.’ largest source of foreign goods and services after the EU, at 15.2% of import share. Both countries together account for one-third of all U.S. inbound trade.
Country198920012023
18.6% | 19.0% | 13.5% | |
2.5% | 9.0% | 13.2% | |
0.7% | 0.9% | 2.7% | |
19.8% | 11.1% | 4.6% | |
5.7% | 11.5% | 15.2% | |
5.1% | 2.9% | 2.7% | |
0% | 0.1% | 3.5% |
Japan’s post-war economic boom reached its zenith by the late 1980s and Asia’s largest economy at the time was also the largest source of U.S. inbound trade, accounting for nearly one-fifth of U.S. imports on its own.
However, by the mid-1990s, the Japanese economy entered a period of stagnation, and along with the signing of NAFTA, which boosted both Canada and Mexico, Japan’s share of U.S. inbound trade started slipping. After 2001, when China joined the World Trade Organization, Japan’s share of U.S. imports dropped even further to 4.6% in 2023.
China’s rapid export rise in the 2000s singlehandedly defined the country as the world’s manufacturer. Between 2001–2022, Chinese exports to the U.S. grew nearly 1,000% to $600 billion. In 2017 the country was the source of more than one-fifth of all U.S. imports. However, the U.S.-China trade war kicked off by the Trump administration reduced China’s share in U.S. inbound trade (down to 13.2% in 2023) as other economies in South and Southeast Asia have grown to become manufacturing hotspots in the last few years.
Emerging Partnerships Diversify Sources of U.S. Trade
Vietnam in particular has benefited hugely from the U.S. (and other countries) turning away from China. The country prioritized education to turn its large population into a skilled workforce. As a result, Vietnam has jumped up the ranks of the top sources of U.S. imports, coming in 7th in 2023. This is contrasted with not even having trade relations with the U.S. in 1989, a policy remnant from the Vietnam War.
인도는 또한 미국의 금과 보석 공급원으로서 틈새 시장을 찾았습니다. 미국 기업들이 제조업을 세계 5위의 경제 대국으로 이전한다는 소문이 돌면서, 미국 수입에서 이들 기업의 비중은 더욱 늘어날 수도 있습니다.
한편, 1950년대부터 수출지향 경제를 우선시했던 대만 역시 1990년 최대 수출시장이었던 미국에서 점유율을 잃어가고 있다. 중국에 이어 베트남, 인도네시아, 태국의 부상으로 대만의 수출 부문이 변화 했다 . 반제품을 이웃 국가로 배송하고, 그곳에서 결국 미국으로 향합니다.
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