Wednesday, September 27, 2023

China Economy: China’s power is gone! Messing with America has proved costly… it happened for the first time in 21 years – China economic crisis for the first time since 2002 the US now imports more from mexico than from china

New Delhi: The troubles of Chinese President Xi Jinping, who caused embarrassment around the world by not participating in the G-20 Summit, show no signs of abating. Messing up America costs them dearly. For the first time in 21 years, China has fallen behind America’s exports. Mexico will overtake China on this front in the first quarter of 2023. This will be the first time since 2002 that America imports more from Mexico than China. China’s economy is struggling on several fronts. China’s exports fell for the fourth consecutive month in August. China’s economy is facing struggles on many fronts and with it, questions are also being raised on the leadership of President Xi Jinping. This is why Jinping avoids talking about the economy.

In the first quarter of 2003, China overtook Mexico in terms of American exports. At that time, China’s exports to America were 35 billion dollars, while Mexico’s exports were 34 billion dollars. At the time, Canada was America’s top trading partner with exports worth $54 billion. China also overtook Canada in the first quarter of 2013. Then China exported 108 billion dollars to America. Canada is second with $82 billion and Mexico is third with $69 billion. After this, China continued to dominate.

Mexico kicked out China

But China’s dominance was broken in the first quarter of 2023. According to the World of Statistics, Mexico has reached number one. During this period, Mexico exported $117 billion to America. China dropped to second place with exports worth $107 billion. However, his second number is not safe either. Canada is in third place on the list of countries that export the most to America with $105 billion. Due to the decline in China’s exports, it may soon fall to third place. There was a 14.5 percent decrease in China’s exports in July, while in August it decreased by 8.8 percent to $284.87 billion.
China is the second largest economy in the world. It is the largest export in the world. This is why China is also called the factory of the world. Last year, China exported a huge amount of 3.594 trillion dollars to the world. This is about 16 percent of the world’s total exports. Of China’s total exports, 47.4 percent went to Asian countries, 20.7 percent to Europe and 19.9 percent to North America. Latin America has a 4.8% share of China’s exports, Africa 4.6% and Oceania 2.6%. If we talk about individual countries, 16.2 percent of China’s total exports go to America. Last year, China sent goods worth $582.8 billion to America.

what is the fight

After America, China’s main trading partners include Hong Kong, Japan, South Korea, Vietnam, India, the Netherlands, Germany, Malaysia and Taiwan. But most countries in the world are facing the problem of China’s trade deficit. India is also included in this. Last year, India’s trade deficit with China was nearly $101 billion. We buy goods worth 118 billion dollars from China and export only 17 billion dollars worth of goods to China. Similarly, America also bought goods worth 581 billion dollars from China and in turn sent goods worth only 177 billion dollars to China. That means its trade deficit with China is $403 billion.

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But for some time now, the relationship between China and America has become very tense. Both countries have imposed restrictions on many of each other’s companies. At the same time, America and other western countries want to reduce their dependence on China. There is a fight between the two especially over semiconductor chips. It is called the oil of the future. This is why America and China want to get its supply chain together. China wants the technology to make these chips but America is not willing to provide it. The semiconductor ecosystem is spread across many countries. It is designed in America and manufactured in Taiwan, Japan or South Korea. Finally the work of assembling it is done in China.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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