b'AUGUST 21 - SEPTEMBER 24, 2023CHINA TRADE 29(SHIFTScontinued fromincommodities.Theauthor, page 28) Chris Jones, is the Executive FASaddedthatRobustVP of Industry and Services shipmentsfollowedapre- fortheDescartesSystems cipitous drop in U.S. exportsGroup and frequent commen-to China and the conclusiontatoronglobaltradetrends. of the Phase One Agreement.Unlike most analysis done on U.S.exportshavereturnedUS-China trade the Descartes to trend growth experiencedreport is expressed in TEUs sincethePeoplesRepublicwhichbetterreflectsactual ofChinas(PRC)accessioncommodity movements. The totheWorldTradeOrgani- reportinframingtheanaly-zation (WTO) and in the lastsisnotesthatAtwenty-2years,theUnitedStatesyearviewofU.S.container haswitnessedrecordexportimports shows Chinas share valuestoChinaforsoy- peaked in 2010 at 44.5% and, beans,corn,beef,chickenwhen including Hong Kong, meat, tree nuts, and sorghum.thatnumberroseto50.1%.import fees. rise of other countries, ChinaA good example support-Cotton exports to China haveChinas share was relativelyHowever, since 2019 Chi- remained the dominant CoOing Descartes analysis is the also rebounded, propelled bystable from 2011 to 2017 andnasshareofimportTEUsin eight of the top 10 goodscharton[HS-94]Furniture, strong demand. thenpeakedagainin2018.has steadily been falling andcategories. But that AcrossBedding, etc.So, it would superficiallyThe2018peak,however,is now at 35.8%. The reportthe top 10 goods categories,Duringthe2016-2022 appearthatbusinesswithwasheavilyinfluencedbyconcentratesonthetop10SouthandSoutheastAsianperiod the overall volume of China is still very good. Butthe previous U.S. administra- commodity categories [undercountries (i.e., India, Bangla- goods in TEUs grew 42.8%. there are other factors that aretions imposition of duties ontheirHSnumbercategory]desh, Vietnam, Thailand, andChinasvolumegrowthwas thorns to the rosy outlook theselectgoods,whichcausedand country of origin (CoO)Indonesia) grew significantlysmall at 4.7% but its share in numbers present.importers to accelerate ship- in their analysis. One of thefaster than the overall market2016 was 64.9% and in 2022 mentsintothecountrytointerestingconclusionsofandChinaandtookimport(SHIFTScontinued on a d EEpErd ivE avoid paying the incrementalthe analysis was Despite theshare from China. page 30)According to Uber Freights 2023 Q3 Market update and outlookin2023,tradewith the US has fallen 24% year-on-yearashastheshareof USimports(15.1%).There areanumberoffactorsatCONNECTING NEW ENGLANDplay contributing to the trend. ChinasowneconomyhasTO THE WORLDweakenedandthecountrys exportshavefaltered.The WorldTradeOrganizationAt the Port of Bostons Conley Terminal, weve enhanced our capabilities (WTO) pegged Chinas shareto handle more cargo and remain congestion-free.ofglobaltradeat14.4%in 2022upfrom13%in2021We offer a diverse selection of global ocean container services with direct and11%in2020.Bycom- connections to 30+ global ports.parison, the US accounted for 8.3% of global exports.Our infrastructure upgrades and expanded direct global connectivity are The very size of Chinaspowering whats possible for 15 million consumers and 2,500 businesses, global trade footprint impacts virtually every market in themaking Conley Terminal New Englands number one choice for shipping.worldandthustheweaken- Learn more at theportofboston.comingofthePRCsexportsis a big deal. So much so, that its importance was conveyed in a July 13, 2023 headline in the Wall Street Journal Chi-nas Drop in Exports Signals DeepeningSlowdownin GlobalTradefollowedby asubhead,Campaignsby centralbankstofightinfla-tion are taking an increasing toll on spending in the West. Butthequestionof howmuchoftheUS-China tradehasactuallybeenlost orshiftedtoothernations because of geo-political issues orotherfactorsisstillrela-tivelysmalltothescaleof business being conducted.a c losErl ook ats ourciNgs HiftsAnother factor impacting UStradewithChinaisUS companies seeking manufac-turing diversification outside ofChinaChina+1or China + 2 or China plus Asia sourcing strategies. In June Descartes released anin-depthreportofsourc-ing shifts entitled Descartes Global Shipping: ChinaUS TradeShift:WhereDidthelinkedin.com/showcase/port-of-bostonMarket Share Go Or Did It? Thereportwasadetailed analysis of a 7-year window ofChinaUStradeshifts'