BEIJING (ANI): According to recent data, American imports of Chinese products are declining as Western businesses move their supply chains out of China, a media report claimed.
Chinese goods, such as cheap Asian imports into the US The largest percentage, representing a considerable reduction in US imports from China, is anticipated to fall below 50% for the first time in more than 10 years.
According to media sources, the annual reshoring index from consulting firm Kearney demonstrates that the US government's attempts to lessen its reliance on China, together with price-conscious US consumers, have resulted in the importation of more reasonably priced goods from nations other than China. Changed.
By the end of 2023, experts forecast that the proportion of Chinese goods imported into the US from "low-cost Asian countries except Japan and South Korea" will virtually probably be less than 50%.
The largest trading partners of each other are China and the US. According to Kearny's reshoring index, which utilises US trade data, Chinese products made up 50.7% of US imports of manufactured goods from Asian nations last year? This number marks a decrease from about 70% in 2013.
The Kearney Index reveals that US imports from Vietnam have increased over the past five years and by three times over the past ten years, while Chinese exports have decreased. The majority of Asian goods consumed in the US are also produced in India, Taiwan, and Malaysia.
According to
Export Import Data, from the China Chamber of Commerce for Import and Export of Machinery and Electronics, the United States imported 1.356 million household hoover cleaners from Vietnam in February of this year, representing a 54.1 percent rise from the same month last year.
In comparison, imports from China reached 1.293 million units, a drop of 51.7% from the previous year. Vietnam has now exceeded China's exports of household vacuum cleaners to the US for the first time. According to the survey, as firms move their production away from China, US imports from Vietnam and other nations are rising.
Source- ANI News
