China fact of the day

After maxing out at 22% in 2017, China’s share of US goods imports has fallen to 17%

No evidence of reshoring: US import value grew 21% from 2017-2021 compared with 4% from 2013-2017

Nor nearshoring: Rest of Asia absorbed the drop, with Asia’s share of US imports flat at ~45%

That is from Caroline Freund.