The recently released US merchandise trade data shows a clear regional structural adjustment. In October, the US merchandise trade deficit reached $78.7 billion, down 34.5% year-on-year, a figure that is worth noting in itself. But what is truly interesting is the change in the source of the deficit — Mexico's $16.3 billion deficit has surpassed China's $15.4 billion for the first time, with Vietnam closely behind at $14 billion.

This is not just a ranking change; it reflects an accelerated reorganization of the global supply chain. Over the past few years, many companies have begun to diversify their sourcing, shifting from single-source procurement to multiple locations. Mexico's proximity to the US, Vietnam's increasingly sophisticated manufacturing system, and overall changes in trade policy environment are all driving this trend. For those paying attention to the global economic landscape, this industry transfer and supply chain adjustment are likely to continue impacting commodity prices and related asset performance.