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The largest sources of imported goods: Nearshoring vs. offshoring
The FRED Blog has discussed how, over the past 30 years, the composition of US trade among its partners has changed dramatically. China became the largest supplier of US imports in 2009 and kept that role until 2018. That was the golden age of offshoring. However, as the poet Emily Dickinson would remind us, “thus passes the worldly glory.” The FRED graph above shows four data series produced collaboratively by the Census Bureau and the Bureau of Economic Analysis. Each line represents, as of December 2023, the monthly dollar value of goods imported from the largest US trade partners.* They are, in descending ... (full story)