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Mexico and the U.S. exchanged $798.8 billion in goods in 2023. America exchanged $774.3 billion in goods with its second-biggest trading partner, Canada, which was its top trading partner in 2021 and 2022. Trade with Mexico and Canada was up 2.5% and 2.4% respectively, in 2023, while trade with third-biggest partner China was down 16.7%. The U.S. and China exchanged $575 billion in 2023.China was the biggest American partner between 2015 and 2018.
Mexico surpassing China as America's top trade partner signals a significant shift in global commerce dynamics. As tensions between the US and China persist, fueled by trade disputes and tariffs, this transition to Mexico helps reduce costs and speed up the supply chain, ultimately lowering the costs of goods in the US.Mexico did more trade with the United States in 2023 than any nation previously, according to U.S. trade data released today.
U.S. trade fell slightly 3.85% in 2023, according to U.S. Census Bureau data. The $5.1 trillion total remains the second-greatest total on record, trailing only the $5.3 trillion total in 2022. In addition to a new top trade partner, the nation has a new top port, a new leading export and a new leading import.Mexico was the biggest trade partner of the U.S. in 2023 and the biggest source of the country's imports ahead of China.
As Statista's Katharina Buchhoz details below, trade with Mexico - both imports and exports - totaled close to $800 billion last year as efforts to source closer to home and reduce dependence on China are ongoing in the U.S. and other Western countries.
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