US imports from China slump, while Mexico benefits from trade war
- Imports from China to the United Stated dropped 12.5 per cent for the first eight months of the year, while imports from Mexico rose 5.5 per cent
- Despite it being a big winner in the trade war, Vietnam’s exports are expected to slow this year
US imports from China fell 12.5 per cent for the year until the end of August, the US Census Bureau said on Friday, while purchases from Mexico – the second-biggest supplier of goods to the United States – posted the biggest increase.
The data showed how the intensifying trade war between the world’s two biggest economies is providing openings for other exporters. China remains the chief source of US imports, but its lead over Mexico is closing.
Imports from China declined US$43.25 billion from the same period of 2018, while purchases from Mexico rose by 5.5 per cent, or US$12.4 billion.
Another country posting a big increase was Vietnam, with a jump of 34 per cent, or US$10.9 billion – enough to move it from 12th to seventh on the list of the US’ suppliers.
Vietnam is seen as one of the big winners from the US-China trade war, with many China-based manufacturers moving production south to avoid US tariffs.