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In 2023 the value of the USA’s imports of goods from China fell by over 20% compared to the previous year. This was part of a trend that had started in 2019, with small increases in imports from other Asian countries, including India, Japan, Thailand and Vietnam, together with slightly larger increases from Mexico during that time period (see Figure 1, below).
Similar trends have also been experienced by European Union (EU) countries, with imports from China falling by 10% in 2023 compared to 2022. The reasons for these trends are captured by the concepts of decoupling, reshoring, near-shoring and ally-shoring.
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