The share of Chinese exports going to the US has declined from 20% to 14% since 2017, see chart below.
With China’s market share in the US declining, the economies that have gained market share in the US include Vietnam, Taiwan, Mexico, India, and South Korea, and studies show (see here and here) that about two percentage points of the rise in the market share of other regions is because of an increase in China’s share of their goods imports.
In other words, some exports from China to the US may be rerouted elsewhere or used as input in production in other areas.
The bottom line is that more than 80% of exports from China end up in other places than the US.
It should also be noted that de minimis exports from China to the US (direct shipments to US consumers with a value less than $800) are around $20 billion, much less than the $500 billion in total goods exports from China to the US seen in the chart below.
Sources: General Administration of Customs, China; Haver Analytics; Apollo Chief Economist
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