Import Export USA Details And Stats
If you know the import export USA market, then you open a Pandora’s Box of possibilities. The import export USA market is the largest in the world. The USA has a population of only 310 million, but a consumer appetite that drives billions of dollars in revenue.
Why Import Export USA?
The United States is the largest import export market in the world, with American companies moving over $2.5 trillion per year in goods and services, including $1.2 trillion in imports. The bigger news is that the import export USA market is dominated by small businesses. Only 4% of international trade is done by large national or multinational conglomerates. The other 96% of the market is made up of small businesses. This means that there are lots of trading partners out there and starting an import export business has never been easier!
Import Export USA Information
Top Trading Partners
Companies involved in the import export USA market, trade with more than 150 countries worldwide, which means that goods and services come into the US from and leave the US to most of the world’s countries. The USA’s most important trading partners include its North American trading partners Canada and Mexico, Japan, China, Germany, the United Kingdom, France, South Korea, Taiwan, and Singapore. However, there are some other markets that are growing rapidly, like the Caribbean Basin and Andean Pact countries and countries of the former Soviet Union.
The USA imports a broad range of products from a lot of different countries, everything from cars to computers and sporting goods to clothing and even household goods. The import market is dominated by crude oil, which makes up 16.3% of all imports. Rounding out the top ten are passenger cars, medicines, car accessories, household goods, computer accessories, petroleum products, cotton clothing, cell phones and other telecommunications equipment, and video equipment, especially DVD players.
The other side of the import export USA market is exports. While exporting makes up a smaller part of the import export market, it is still a huge business, with goods ranging from agricultural products like corn and soybeans to airplanes, cars, and medicines. The USA’s number one export is civilian aircraft, at 5.7% of total exports. This is followed by semiconductors, passenger cars, medicines, automobile accessories, industrial machines, fuel, organic chemicals, telecommunications equipment, and plastic items.
Restrictions on Exports
As might be expected, a wide range of rules and regulations govern the import export USA market. In particular, there are certain kinds of goods that must be licensed for export. These include items like natural gas and electricity, nuclear materials and equipment, controlled pharmaceuticals and their precursors, and weapons. Agricultural and food must be inspected and licensed, as well. There is also a category of dual-use items that may include certain chemicals and technologies that must be licensed.
The import export USA market is a highly lucrative one. If your company is thinking about getting involved in this market, make sure you consult the applicable regulations before you embark on your successful career in import export USA!
If you enjoyed reading about Import Export USA Details And Stats then see our next article Import Export Canada.
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