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Amid a significant shift in global supply chains, Mexico overtakes China as the leading exporter to the US, prompting structural adjustments and additional pressure on infrastructure and labor.
The second quarter of the year saw a dramatic shift in global supply chains, with Mexico overtaking China as the top exporter to the US. This shift is largely due to a significant decrease in US imports from Asia, as ocean freight was down by 27% and airfreight plummeted by 50%. This shift towards near-shoring is expected to apply additional strain on infrastructure and labor resources. While this shift brings a shortening of supply chains and a reduction in cycle times, companies are not expected to return to the just-in-time model due to continuing risks and disruptions.
Source: The Loadstar
Near-Shoring! For the first time in 20 years, #Mexican exports to the #US match #China's. Mexico suffering grievously from lost share after China entered the World Trade Organization in 2001. Now, it appears to be benefiting from the retreat from China. These numbers are…
— Jonathan Bass (@jonsbass) July 10, 2023
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