Submitted by: Herb Shelvy
The United States imports over $1.2 trillion price of products or services every year. These goods and services range from high-tech tools to luxury products to more mundane household goods and originate in over a hundred and fifty countries. The import market is huge, thus you should be easily able to find a spot in it for your products!
Why Such a big Business?
The imports market is staggeringly big for a country with a population of only around 310 million people. There are several factors for this that might be useful to companies thinking of joining the market. First, some imported products aren’t locally available, like bananas. Second, some types of goods, particularly luxury items like French perfume, caviar, champagne, or German luxury vehicles, have a cachet that the locally produced equivalent may have. Lastly, many imported products, like electronic devices or clothing, are less costly when made somewhere else.
Top Import Partners
While US imports come from numerous places, the market is dominated by a few countries. Slightly more than 18% of the US imports come from China. The next greatest amount of imports originates from Canada, with 14.8%, then Mexico, Japan, and Germany. In fact, the top 15 US imports partners handle nearly 75% of the imports market. This includes countries such as South Korea, the united kingdom, Venezuela, Nigeria, Saudi Arabia, Taiwan, India, and others that make many different products.
Top Import Goods
The US imports a number of goods, including everything from food items to clothes and cars to computers. The biggest import is raw oil, which makes up an impressive 16.3% of all US imports and is the key contribution of Venezuela, Saudi Arabia, and Nigeria. Other crucial items include passenger cars, mats to make medicines, computers and computer components, cotton clothing, cell phones and other telecoms equipment, and Tvs and DVD players.
While the US imports market does big business every year, the businesses involved with it aren’t huge. Actually, just 4% of the US import market is consisting of huge national or multi-national corporations. Another 96% are small businesses. What this means is that there are plenty of available trading partners in the us searching for many different types of goods to import, and they’re looking for both products like clothes and electronics and raw materials for producing their own products.
Trade Limits and Regulations
While in many ways importing goods into the Us has a less complicated process than exporting goods from the United states, there’re a few important issues to think about when getting involved with the US imports market. The United States does charge import tariffs or duty on a variety of goods when they enter the Us. The tax differs on the product and the country of origin, thus it is important to research this subject. The United states also limits imports of some types of raw materials to set per-country quotas, so it might be difficult to enter these markets.
The US imports large and is continuing to grow exponentially. While it is dominated by imports from a relatively few countries, the market expansion means that there’s plenty of room for new organizations to get involved.
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