The US economy is one of the largest economies in the world. The US economy 20.58 trillion dollars in 2018 nominal GDP and is expected to reach 24.9 trillion dollars in 2023.
It is considered the most technologically powerful economy in the world. The country has a superior infrastructure, top of the line technology, and abundant natural resources. In 2019 US foreign trade was 5.6 trillion dollars. US exports were 2.5 trillion dollars and US import was 3.1 trillion for goods and services. The USA is the world's largest importer. The 2019 US trade balance is negative with a deficit of 617 billion dollars.
US Importers data is collected at all points of entry of goods into the US. This includes sea-ports, airports, and border crossing. This data is compiled from bills of lading and shipping manifests collected from US custom posts at various entry points into the US. Typically the bill of Lading and shipping manifests give us the following data:-
The import data is a vital marketing tool for importers/Importers use the import data for the following purposes:-
Logistic companies can use the information to contact importers or importer to provide logistical support. Banks can use the information to contact new clients. Bank offers such as a letter of credit and bank guarantees to importers. These banking facilities are vital to carry out international trade.
Raw materials used for production are often imported. Manufacturers can use the data to contact the exporter directly bypassing the importer. The information can be used for negotiations to get the best deals from your importer.
Import data is very important to any country to formulate policies about the economy, physical infrastructure, fiscal and monetary policy, foreign affairs & diplomacy, trade and tariff discussions, and many others. The import data is the basis of several policy decisions taken by the US Government. It helps the government in the following manner:-
The US import data the total imports of goods 2 trillion dollars. Capital goods along with computers and telecommunications were the largest contributor to imported goods by the US, accounting for 27% of total imported products. While 654 billion dollars of consumer goods were imported into the US. The major products imported by the USA are:-
The data revealed the pharmaceutical imports was the fastest growing sector in imports in 2019 and increased by 10% from 2018. The medical apparatus imports grew at 3.7%. While vehicle imports grew at 1.2%. Meanwhile, imports of mineral, oil & fuel fell by 13.1% when compared to 2018.
If we analyze the US import data 43.4% of total import providers were from Asia. North American trade partners accounted for 26.8% of the total imports and 23.3% of imports were from Europe.
The Top importing partners of USA are:-
The top 100 US importers and exporters are published every year is based on customs statistics. The figures expressed are in TEU (Twenty-Foot Equivalent Unit) and is used to measure a ship’s cargo-carrying capacity. A bulk of the commodities imported is used in the retail sector. The major importers in US company-wise are:-
There are 360 commercial ports in the United States. US ports are the busiest and biggest ports in the world. These ports are ocean-going carbo, barges, ferries, and recreation boats. There 150 ports deep seaports located along the Atlantic and Pacific oceans, the five Great Lakes, the Gulf of Mexico, Alaska, Hawaii, Puerto Rico, Guam, and the US Virgin Islands. The busiest ports in the US in terms of TEUs or (Twenty-Foot equivalent unit) are:-
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