MAJOR IMPORTS OF THE UNITED STATES – DETAILED REPORT ANALYSIS

MAJOR IMPORTS OF THE UNITED STATES – DETAILED REPORT ANALYSIS

FOREIGN MARKET OF THE UNITED STATES AT A GLANCE

Like other countries, the foreign trade of the United States comprises two primary activities that are performed by the traders and marketers of the world – Imports and exports of goods and services to and from the country. just the difference is that the United States stands among the top 3 nations that have the largest trade figures in any fiscal year.

The culture and trend of international trade is embedded in the mind of the US Congress for many years now. After the progression of the great depression, the US didn’t look back and focused on increasing its foreign ties with almost all the nations of the world and signed a number of documents and agreements like the General Agreement on Tariffs and Trade, Free trade Agreements, etc.

Currently, the trade relations of the United States is with almost nations but majorly the countries from Asia and Europe are the biggest partners of the US. Almost all items are traded to and from the United States such as mineral oil, iron ores, toys, lubricants, sugar, coffee, and steel.

Since the beginning of the era, the main focus of the United States is to import as many as possible raw materials into the country and export finished items to the world. The trade statistics of the US as per the US Trade Data of previous years are as follows:

YEAR

TOTAL IMPORTS

TOTAL EXPORTS

REMARKS

2017

USD 2.40 trillion

USD 1.57 trillion

Trade Deficit

2018

USD 2.60 trillion

USD 1.66 trillion

Trade Deficit

2019

USD 2.56 trillion

USD 1.64 trillion

Trade Deficit

2020

USD 2.40 trillion

USD 1.42 trillion

Trade Deficit

2021

USD 2.93 trillion

USD 1.75 trillion

Trade Deficit

 

MAJOR IMPORT ITEMS TO THE UNITED STATES IN THE YEAR 2021

Being the most sophisticated and high-tech country in the world, the imports of the nation in the year 2021 were USD 1.75 trillion. Based on the US Import Data for the year 2021, the contribution of the following items was the most in the total imports of the US throughout the year.

·        Machines, nuclear reactors, and boilers (USD 428,828 million)

·        Electric machinery and related spare parts (USD 415,975 million)

·        Automobiles excluding heavy vehicles (USD 283,108 million)

·        Mineral fuels and oils (USD 223,932 million)

·        Pharmaceutical or medical products (USD 149,499 million)

·        Miscellaneous items (USD 120,528 million)

Other items such as optical and precision equipment, precious stones, and plastic items also contributed significantly to the US Import Data for the year 2021.

MAJOR IMPORT PARTNERS OF THE UNITED STATES IN THE YEAR 2021

As mentioned before, the United States has good relations with almost all nations in terms of trade, and most significantly, Asian and European countries are the best trade partners of the US. Also, if we believe the details mentioned in the US Import Data for the year 2021, the top 06 countries from whom the US imports the most are:

·        China (USD 541,547 million)

·        Mexico (USD 388,378 million)

·        Canada (USD 365,737 million)

·        Japan (USD 139,389 million)

·        Germany (USD 138,240 million)

·        Vietnam (USD 108,195 million)

Apart from these top 6 countries, the US imported goods from other nations as well in 2021 which are also mentioned in the US Import Data such as Korea, Chinese Taipei, India, Ireland, and Switzerland.

CONCLUSION TO THE DISCUSSION

There are no second thoughts that the United States is the superpower of the world with the largest imports and exports all across the globe. Everything is great except the year-on-year trade deficit that is piling up and creating a negative effect on the overall health of the economy of the United States. the country should work to at least bring the economy of the United States to break even in the next few years to become a 360-degree loaded country.

For more information and knowledge about the US Trade Data or other analytical reports, feel free to reach us through our website or email.

WEBSITE: https://www.usimportdata.com

EMAIL: info@tradeimex.in

 

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