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US-China Trade Plunges Amid Slowdown in US-Worldwide Trade

China Market Intelligence Gavin Fu, Haoting Luo

Key Takeaways

  • US-China bilateral trade in goods contracted significantly during the first half of 2023, driven by a sharp drop in US imports of Chinese goods and stagnating US goods exports to China.
  • China lost its position as the number one source of US goods imports, a position it held for more than a decade, as companies continued to diversify supply chains.
  • The latest economic and trade data point to a continued slowdown for US-China trade.

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