THE USA IS CONSIDERED AS ONE OF THE BIGGEST FANS OF THE AUTOMOBILE INDUSTRY AND CARS

GLOBAL MARKET OF AUTOMOBILE SECTOR – BIGGEST INDUSTRY IN THE WORLD

The global automobile sector or industry consists of various companies and departments involved in various activities like designing, development, R&D, marketing, and selling. The automobile sector is considered the biggest industry in the world regarding revenue generation. On the other hand, this industry demands investment in R&D as customers nowadays have varied choices and tastes that keep on changing frequently.

Everything was going smoothly till the time Covid 19 struck the world and the automobile industry. Since the advent of this pandemic, the industry is facing a lot of trouble in expanding itself. Due to the shortage of semiconductor chips, almost 11 million vehicles were cut from production in the year 2021.



CAR MARKET OF USA - 2020

In the year 2020, the total trade of cars was nearly USD 645 billion, making it the second-largest traded product in the world. The largest importer was the United States amounting to USD 144 billion of imports.

Cars were the favorite product that was imported by the USA the most. The USA not only imported cars from some nations, but as per US Import Data for the year 2020, the country imported cars from numerous nations. Some of the largest contributors were:

·        Japan (USD 32.56 billion)

·        Canada (USD 30 billion)

·        Mexico (USD 29.12 billion)

·        South Korea (USD 16.15 billion)

·        Germany (USD 15.3 billion)

The US fastest growing markets, as per the US Import Data 2019-20 were Slovakia, Sweden, and South Africa.

 

CURRENT ANALYTICS OF US CAR IMPORTS – OCTOBER 2022

In the month of October 2022, the imports of cars exceeded the total car exports in the USA. This means that the demand for cars in the nation is very huge as compared to the total production. According to the US Import Data for that month, we see the country imported cars worth USD 15.5 billion. As compared to October 2021, the imports rose by 39% (USD 4.35 billion).

In October 2022 also, the US Import Data presents the major import partners of the country. they are as follows:

·        Mexico (USD 3.3 billion)

·        Japan (USD 3.083 billion)

·        Germany (USD 2.21 billion)

·        South Korea (USD 2.14 billion)

·        Canada (USD 1.75 billion)

FINAL VERDICT

In the end, the only point to mention is that the imports of cars and other automobiles are going to expand in the future due to the rising population and demands of the people. The tastes and preferences of every person are not the same, hence the variety of products would be imported in the future by the US. Despite the slowdown in the pandemic period, the automobile industry is all set to resume again. The US Import Data would see a rise in car imports soon.

QUICK TIP

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For any query, drop us a mail at info@tradeimex.in or visit our website https://www.usimportdata.com

 

FOR MORE INFORMATION:

US Export Data

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