How big is the nearshoring trend?

Some efforts have been made to quantify nearshoring and identify future winners from the process. US Census Bureau data shows, for example, that in 2018-2021 US imports from China contracted by 5%-6% while imports from Asean (Association of Southeast Asia Nations) grew by over 50% followed by imports from India (+35%) and those from Europe, Canada, and Mexico (all in the 10%-20% range). Total US imports in 2022 were US$3.27tn. If China were to lose an additional 5% of its share of US imports that would represent roughly US$165bn of US market share that would be available to be captured by other, non-Chinese exporters.

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