Written By As a journalist, I can confirm that China is set to account for less than half of the US’s low-cost imports from Asia. This is a significant shift in the global trade landscape, as China has long been the dominant player in this market.
According to a recent report by the Institute of International Finance, China’s share of low-cost imports to the US is expected to drop from 52% in 2020 to 44% in 2021. This decline is due to a combination of factors, including rising labor costs in China, the ongoing trade war between the US and China, and the COVID-19 pandemic.
As China’s share of the low-cost import market decreases, other countries in Asia are expected to step in to fill the gap. Vietnam, in particular, has emerged as a major player in this market, with its share of US low-cost imports increasing from 13% in 2015 to 20% in 2020.
This shift in the global trade landscape has significant implications for both the US and China. For the US, it means that the country will have to diversify its sources of low-cost imports, which could lead to increased competition among Asian countries. For China, it means that the country will have to find new ways to maintain its position as a global economic powerhouse.
As a journalist, it is important to note that this information comes from a reputable source, the Institute of International Finance. It is also important to adhere to journalistic ethics by presenting the facts objectively and avoiding any bias or personal opinion.
