CHINA has likely lost its No 1 standing to Mexico as top exporter to US, a position it has held for 17 years, reports Japan's Nikkei Asia.

American goods imports from China dropped more than 20 per cent on the year for the January-November period, according to US Commerce Department data.

China accounted for 13.9 per cent of total US imports, the smallest share since 2004, after peaking at more than 21 per cent around 2017. US exports to China have stayed roughly flat on the year.

Mexico is set to take the lead for the full year for the first time since 2000. US imports from the country are on track to set a record high in 2023, and its share of the total topped 15 per cent for the first 11 months of the year.

Imports from the European Union also reached an all-time high for that period. While shipments from the Association of Southeast Asian Nations (ASEAN) dipped on the year, the tally was still the second highest on record, and the bloc's share of the total has doubled from a decade ago.