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By KELIN DILLON

According to new data from the U.S. Census Bureau, Mexico was the number one exporter to the United States in 2023, taking over from China’s 15-year-long reign as the country’s top supplier.

Mexico reportedly exported $475.6 billion in goods to the U.S. last year, an annual increase of 4.6 percent and a 15.4 percent market share of the United States’ total international trade.

Meanwhile, China exported $427.2 billion to Mexico during 2023 for a 13.9 percent market share while Canada nabbed the third top export spot with $421.9 billion and a 13.7 percent market share.

Mexico’s rising importance as a U.S. trade partner comes as North American companies have continued to relocate their manufacturing facilities to Mexico as part of the ongoing nearshoring trend.

“This result is explained by the United States ‘ intention to reduce its extensive trade dependence on China,” said Monex Director of Economic, Exchange and Stock Market Analysis Janneth Quiroz Zamora. “This result was achieved even though the Mexican peso was the second most appreciated currency worldwide in 2023.″ 

This marks Mexico’s first time in history as the United States’ largest trade partner.