The United States is among the largest markets for several producing countries around the world. In the past few years, there has been a visible upsurge in imports fuelled by the increasing domestic demand. As a result, the United States’ trade deficit stood at $68.1 billion by November 2020, as per the Bureau of Economic Analysis statistics.
Despite the ‘America First’ policy of the Trump administration in 2018, the US imports continued to grow as new exporters made their way to the US markets. The following article will discuss US import data by country and most imported commodities by the US.
What Comprises US Imports?
The US Census Board released the 2019 US import export data, as per which:
- Capital goods took a significant chunk with a total valuation of $510 billion, in which computers took the first place. Next in the line were telecommunication equipment, semiconductors, railway equipment, medical equipment, and civilian aircraft.
- Consumer goods took the second spot clocking $497 billion. Goods in this category were cell phones, household appliances, toys, and clothing.
- As per the US import database, industrial supplies and materials amounted to $394 billion in total imports. It included crude oil, other petroleum products, finished metals and plastics, and other industrial supplies.
The other major commodities that the US regularly imports and they held a major chunk of in the past year trade were:
- Vehicles and automobiles whose import value amounted to $306.7 billion are popular import commodities as per the US import export data.
- There’s a vast market for furniture, lighting equipment, and signs in the US and their imports are valued at $72.1 billion.
- Several countries exported gems and precious metals to the US, with an aggregated trade value of $60.8 billion.
- Lastly, organic chemicals also formed a considerable part of the imports and are among the regularly imported products to the US. Their export value is at $54.6 billion.
Which States Import The Most?
As per the latest US import export data, California emerged as the top importer among all states in the US. The other significant importers are Texas, Illinois, Michigan, New York, and New Jersey.
US Import Data By Country
The US is the dream export destination for manufacturers worldwide, given the vast market and consistency in sales. Following countries hold the significant chunk of all exports to the US:
What Makes The United States A Preferred Market?
Going by the previous import-export data of the countries, it can be visibly implicated that the major manufacturers around the world are attracted towards the western markets, among which the United States tops the list. It is due to the following reasons:
- Vast sums of order due to the enormous domestic demands in the countries.
- Stable market conditions in developed nations.
- Lack of cheap spare parts and components in large economies where labour costs are higher.
- More inclination towards service sector industries in developed nations.
Therefore, a manufacturer gets plenty of options to export their goods to the US, and they can refer to the US import database to select their product.