The US economy is the largest in the world, with a nominal GDP of $24.9 trillion in 2023. It is also considered the most technologically robust economy in the world, with superior infrastructure, top-of-the-line technology, and abundant natural resources.
In 2022-23, US foreign trade was valued at $5.6 trillion, with exports worth $2.5 trillion and imports worth $3.1 trillion. This resulted in a trade deficit of $617 billion. This blog will briefly discuss U.S. key trade facts and trends and will help you understand the trade data of the USA.
US import data is assembled at all points of entry of goods into the US. This contains seaports, airports, and border crossings. This data is collected from bills of lading and shipping manifests collected from US customs posts at different entry points into the US. Generally, the bill of lading and shipping manifests provide us with the following data:-
The import data is a significant marketing tool for importers use the import data for the following purposes:-
Logistic companies can use the information to contact importers to provide logistical support. Banks can use the information to get new clients. The bank proposes such things as a letter of credit and bank guarantees to importers. These banking facilities are crucial to carrying out global trade.
The US import data shows that 2 trillion dollars worth of total goods were imported. Capital goods, along with computers and telecommunications, were the largest contributors to imported goods in the US, accounting for 27% of total imported products. 654 billion dollars of consumer goods were imported into the US. The top products imported by the USA in 2022-23 are:-
Overall, these top imports demonstrate the diverse nature of the American economy and its reliance on global trade. The variety of these import categories reflects an intricate web of global supply chains that help fuel economic growth, provide a diverse range of commodities to customers, and support numerous domestic sectors. Seair Exim Solutions provides global market insights by providing the most accurate and up-to-date USA import data with a specific HSN code.
Based on USA import data, these are the top partners of the United States of America:
The top 100 US importers and exporters are published every year based on customs statistics. The figures are expressed in TEU (Twenty-Foot Equivalent Unit) and are used to measure a ship’s cargo-carrying capacity. The bulk of the products imported are used in the retail sector. The major importers in US company-wise are:-
The United States has 360 commercial ports. The ports of the United States are the busiest and largest in the world. These ports provide ocean-going cargo, barges, ferries, and pleasure craft. The Atlantic and Pacific oceans, the five Great Lakes, the Gulf of Mexico, Alaska, Hawaii, Puerto Rico, Guam, and the US Virgin Islands all have 150 deep seaports.
The busiest ports in the United States in terms of TEUs (twenty-foot equivalent units) are as follows:
Seair Exim Solutions is a leading export and import data provider. It provides updated, 100% genuine, and reliable global trade data from more than 100 countries in the world, such as India, USA, Russia, Kenya, Mexico, Indonesia, Sri Lanka, Vietnam, Pakistan, etc. Our key services are US imports data, Indian import data, India export data, import data Indonesia, Vietnam export data, Russia customs data, Mexico trade data, Kenya shipment data, etc.
In conclusion, the United States is the world's most significant importer of products, with imports arriving from a wide range of countries. Electrical machinery, cars, crude oil, medicines, and plastic items are the top five US imports. These imports are critical to the US economy, providing a wide range of goods and services to consumers, supporting multiple domestic businesses, and pushing economic growth.
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