The share of U.S. imports of manufactured goods from 14 low-cost Asian countries and regions, including the Chinese mainland and Hong Kong, decreased from 53.5% in 2021 to 50.7% in 2022, according to Kearney's Reshoring Index report.

While, U.S. imports from these 14 countries increased by 11% to more than $1 trillion in 2022, China's share continued to decline as many companies moved their manufacturing out of the nation.

Apparel and textile industry has accelerated its move away from China due to increasing labor costs, supply chain bottlenecks, and social concerns.

As the manufacturing exodus from China continues, traditionally less industrialized nations such as Cambodia, along with Thailand, Vietnam, and India, are also early beneficiaries of the move of manufacturing away from China.