The United States is the world’s largest trading nation in both imports and exports of goods and services. In 2019, the country made a trade of over $5.6 trillion. Moreover, they have trade relations with more than 200 countries and territories across the globe.
According to the USA importer database, the United States of America accounted for nearly 22.4% of global imports worldwide in 2020 alone. Furthermore, in just the first half of 2021, the US has already made shipments with an import volume of 7,034,222.
Most Common Trade Opportunities In The USA
Here is a list of the top 5 trade opportunities in the US according to the statistics:
This trade industry includes nuclear reactors, mechanical appliances, boilers, etc. It is inclusive of computer and hardware machines. The USA importer database suggests that, in 2020, this trade front had a value of $361.55 billion.
- Electrical Machinery
This industry consisting of electrical machinery and equipment, sound recorders, etc., is very popular among the various electrical engineering companies and manufacturers.
As a result, this field of trade is one of the fastest-growing trade sectors, providing significant job opportunities. Their trade value stands at $343.47 billion.
- Vehicles And Automobiles
The automobile or vehicle importing industry had a trade value of $254.44 billion in 2020. With companies like Tesla, Ford, Volvo, the import requirements of the US automobile industry are always on the rise.
Medicines and pharmaceutical products comprise an essential part of any country’s trade faction. So is the United States case, where the pharmaceuticals industry witnessed a trade value of $139.52 billion last year
- Minerals, Fuels, And Oil
Mineral fuels, mineral oils, mineral waxes, etc., form an integral part of the US trade. With a trade value of $130.12 billion as reported in 2020, the oil industry is one of the most profitable trading fronts in the US. The US import-export data by country reflects the USA’s requirements for mineral oils and fuels.
Top 5 Import Partners Of The United States
Below is a list of the top 5 import partners of the US as per the US import-export data by country:
This manufacturing powerhouse is the number one exporter for the US. As of November 2020, China supplied approximately 18.6% of all goods imported to the USA. Moreover, the trade value for the same was an estimated $457.12 billion.
America’s neighbor to the south is another one of the most prominent import partners for the country. In the same year of 2020, Mexico made a trade value of $328.86 billion by importing 13.9% of all imported goods in the US.
America’s neighbor to the north is also consistent in their trading partnership with the US. An estimated trade value of $276.20 billion was achieved last year, as the US imported 11.6% of goods from Canada.
Japan’s exports comprised 5.1% of goods imported in the US in 2020. The partnership ranked at fourth place with a trade value of $122.48 billion.
The US Import Data suggests that this European country exported 4.9% of all the goods imported in the US in 2020. The trade value was around $117.39 billion.
Top Importer Companies Of The Us
Following are the top 3 buyer or importer companies of the US, according to the US import data:
- Walmart Incorporated
One of the most popular companies in the US, Walmart has a total of 993 trading partners and 2,51,115 shipments in the last three and a half years.
- Home Depot USA Incorporated
The trusted destination for most American families, Home Depot, is that place where everything can be sought for. From January 2018 to June 2021, a total of 74,396 shipments have been achieved by this company.
- Samsung Electronics America Incorporated
One of the biggest electronic companies in the world, Samsung stands firm in the global importer race. With a total of 66,730 shipments imported in the last three and a half years, it is one of the largest importers in the US.
Why Is The US A Goldmine For Exporters?
It is no secret that the United States of America is the most profitable market for any business. From plastics to metals, medicines to cosmetics, mineral water to mineral oil – all these different trade fronts profit the businessmen associated with the trade.
Because of the vast availability of trade opportunities in the country, the US is a goldmine for foreign exporters looking to expand their business. Exporting goods and services to the US will ensure their recognition in the global market.
The trade will further present them with an opportunity to gauge the international competition to develop the necessary strategies required to secure their footing in the global arena.