Mexico reaches record share of total exports from China

MEXICO - Mexico reached a record share of 2.4% in total exports of products from China to the world in 2023, according to a World Trade Organization (WTO) report.

This share increased over the last three years, from 1.7% in 2020 to 2.0% in 2021 and then to 2.2% in 2022.

Global Chinese merchandise exports grew from US$2.6 trillion in 2020 to US$3.4 trillion in 2023.

Looking at the last three years, Chinese exports to some regions, such as the Americas and Europe, declined in relative terms, while exports to Africa, the Middle East and the Russian Federation increased their shares, albeit from lower levels.

Despite their relative decline, the United States and the European Union remain the most important individual destinations for China's merchandise exports.

Between 40% and 45% of merchandise exports go to Asia and Oceania. Africa and the Middle East account for approximately 5% of exports, with a slightly upward trend.

Conversely, China's merchandise imports also experienced a solid increase, from US$2.1 trillion in 2020 to US$2.7 trillion in 2022, but declining to US$2.6 trillion in 2023.

The European Union, Taiwan, Penghu, Chinese Taipei, Japan, and the United States are the largest individual geographic sources of merchandise imports to China.

Between 40% and 50% of imports come from Asia and Oceania, 17% from the Americas, 14% from Europe, 9% from the Middle East and 5% from Africa.