Mexico Becomes Largest U.S. Importer; China Imports Drop by 20.3%

On the 7th(local time), Yonhap News reported this, citing an announcement from the U.S. Department of Commerce, stating that the annual U.S. trade deficit in 2023 is projected to be a total of $773.4 billion, a decrease of $177.8 billion(18.7%) compared to the previous year.

The deficit decreased by $35 billion(1.2%) due to increased exports, while imports declined by $142.7 billion(3.6%). Notably, the trade deficit with China decreased to $279.4 billion, a sharp decrease of $102.9 billion(26.9%) compared to the previous year.

Exports to China decreased by $6.2 billion to $147.8 billion, while imports declined by 20.3%($109.1 billion) to $427.2 billion compared to the previous year.

In contrast, the trade deficit with Mexico increased by $21.9 billion to a record $152.4 billion. At the same time, Mexico became the number one importing country.

In particular, the amount imported from Mexico increased by $20.8 billion to a record $475.6 billion. This is the first time in 21 years, since 2002, that Mexico’s import amount has surpassed that of China.

The trade deficit with South Korea was the widest on record at $51.4 billion, up $800 million from the previous year. South Korea was the sixth-largest U.S. importer after Mexico, China, Canada, Germany, and Japan.

Meanwhile, the U.S. trade deficit in December last year was $62.2 billion, an increase of $0.3 billion(0.5%) compared to the previous month ($61.9 billion).