The Business Of Us Imports Is Growing Bigger Every Day
The US imports more than $1.2 trillion worth of products or services each year
. These products or services vary from high tech equipment to luxurious items to more mundane domestic goods and originate in more than 150 countries. The import market is large, therefore you must easily be able to find a place in it for your products!
Why Such a large Business?
The imports market is staggeringly big for a country with a population of just about 310 million people. There are some reasons for this that might be helpful to businesses considering joining the market. First, some imported goods aren't locally available, like bananas. Second, some types of products, particularly luxurious things like French perfume, caviar, champagne, or German luxury cars, have a cachet that the locally produced equivalent might have. Lastly, many imported products, just like electronics or clothes, are less costly when made elsewhere.
Top Import Partners
While US imports come from numerous places, the market is taken over by several countries. Slightly more than 18% of all US imports come from China. The next greatest amount of imports originates from Canada, with 14.8%, followed by Mexico, Japan, and Germany. In fact, the top fifteen US imports partners control nearly 75% of imports market. Including countries like South Korea, the uk, Venezuela, Nigeria, Saudi Arabia, Taiwan, India, and others that make a number of items.
Top Import Items
The US imports many different products, such as everything from food items to clothing and cars to pcs. The biggest import is raw oil, making up an impressive 16.3% of all US imports and is the key contribution of Saudi Arabia, Venezuela, and Nigeria. Other vital products include passenger vehicles, mats to make medicines, computers and computer components, cotton clothing, mobile phones and other telecommunications tools, and Tvs and DVD players.
Import Businesses
As the US imports marketplace does large business each year, the businesses involved with it aren't very big. In fact, only 4% of the US import export market is consisting of large national or multinational corporations. The other 96% are small businesses. What this means is that there're lots and lots of available trading partners in the us looking for many different kinds of goods to import, and they are seeking both finished products like clothing and electronics and raw materials for manufacturing their own products.
Trade Limits and Regulations
While in many ways importing goods into the United states has a less difficult procedure than exporting products from the Us, there are a few important issues to think about when getting involved with the US imports market. The United States charge import tariffs or taxes on a number of products when they enter the United states. The tax differs on the product and the country of origin, therefore it's crucial to research this subject. The Us also limits imports of particular sorts of raw materials to set per country quotas, thus it might be hard to break into these markets.
The US imports huge and is continuing to grow significantly. While it is ruled by imports from a comparatively small number of countries, the market expansion implies that there is lots of room for new companies to get involved.
by: Erin Vandewerker
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