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

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.