Click to enlarge.
It looks to me like China's competitive advantage relative to Mexico has peaked. It happened during the Great Recession and we're well below that point now. I can't say with any certainty if the peak is permanent or simply temporary. I am willing to call it an exponential trend failure though.
In any event, I wonder what the savvy Chinese have to say about that?
Source Data:
St. Louis Fed: Custom Chart
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