China Loses More of Its Share of U.S. Imports to ‘Low-Cost’ Asian Rivals

China lost more of its share of U.S. imports from 14 low-cost countries and regions (LCCs) in Asia last year, a recent report showed, as companies continued to move manufacturing out of the world’s second-largest economy.

In 2022, the Chinese mainland and Hong Kong accounted for a combined 50.7% of U.S. imports of manufactured goods from the 14 Asian LCCs. The number is down from 53.5% in 2021 and continues a downward trend that began in 2013, according to the annual Reshoring Index report by management consulting firm Kearney.