We have already talked in this newsletter about nearshoring in the context of the trade war between the United States and China and its potential beneficial effect on Mexico. Well, the latest foreign trade figures confirm this phenomenon: In 2023, Mexico's exports to the United States surpassed Chinese exports to the North American giant. Last year, Mexican exports to its northern neighbor grew by 4.6%, reaching a total of US$475,607 million, an all-time record. In contrast, Chinese exports to the US fell by 20.3% last year, totaling US$427,229 million, well below the US$538,514 million of 2018, the year in which the US government began to apply different trade measures-from tariff hikes to restrictions on imports of certain products manufactured in China-against the Asian giant.

Apart from Mexico, the U.S.-China trade war has benefited Vietnam, which has seen its exports to the U.S. increase by US$80 billion annually since the beginning of the conflict. since the beginning of the conflict.

The United States has succeeded in meeting one of its goals after raising tariffs on Chinese imports: the trade deficit with China narrowed to US$279.4 billion in 2023, the smallest in 13 years. But President Donald Trump's promise to stimulate manufacturing within the United States by replacing Chinese imports has not been fulfilled: the U.S. trade deficit widened from US$479 billion in 2018 to US$779 billion.