Importing United States
Is America losing its economic dominance to China? Let’s take a look at the impact that importing United States products is having on America’s position in the world with respect to other nations and see the evidence for ourselves.
The number of countries importing United States products is still strong. It is a common misconception that the United States is losing its edge as a competitor in the global economy.
While it may be true that, America is now importing more products than it is exporting, the fact of the matter is that the USA economy, with its global reach, provides a vast matrix of vital exports to meet consumer demand.
Take for example, Canada, America’s neighbor to the north. Canada is America’s largest customer, importing a huge amount of United States products. Furthermore, when you look at products in the global market you will find a large percentage of them actually came from America. Take for example things such as food and livestock, beverages and tobacco, crude materials, minerals, oils, chemicals, textiles, and machinery and transportation equipment. You will find that the number of consumer nations importing United States goods, and the quantity of these imported goods is in fact increasing, not decreasing. In saying that the global economy is also increasing.
Importing United States Keeps the World Economy Going
The perception that the United States is losing its dominance as a world leader is all relative. While it is true that economies of many other large nations such as China and India are experiencing rapid growth, this expansion owes a significant portion of its growth to the increased demand across the world. In particular the need of developed nations to utilise cheap labour forces in those countries. It is no surprise that the economies in these nations have been experiencing a period of expansion.
As a result, competition in virtually every sector of the economy is becoming fierce. Statistics reveal that China has overtaken the US as the largest exporter of merchandise but the United States still remains the world’s largest exporter of goods and services on the whole.
Take, for instance, the automotive industry. While Japan may have its Toyota, the United States has its Big Three automakers and the number of nations importing United States cars is increasing.
Importing United States Products Impact
The same applies to other industries such as the beverage industry. Coca Cola, an American company, is the largest of all beverage manufacturers and distributors in the world with a product line that caters to the taste of many diverse cultures across the world. Can you name a country where you can’t buy coke.
So, then what exactly does account for the decline in importing United States products? This decline happens to be predominantly in the manufacturing sector. The United States is increasingly relying on foreign manufactured imports. But this is by no means to the detriment of the United States, or to the world, for that matter. On the contrary, this increasing interdependence on foreign trade by the USA means that the rest of the world will benefit as opposed to it being the sole economic engine of the world economy.
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