WHY US IMPORT DATA IS A CRUCIAL DATASET IN THE GLOBAL TRADE BUSINESS?

OVERVIEW

The USA is considered the superpower of the world and consists of one of the largest trade markets in the world. The market in the United States is so vibrant and massive that there is always a chance to grab new opportunities. The contribution of the US is also the largest when compared to trade statistics of other countries. Not only this, but if we talk about the economy, then also the US is the nation who comes with the most developed and advanced economy in the world and you would be surprised to know that the trade market of the United States is also the biggest, most active, and most competitive in nature.

As the market of the country is so dynamic, so are the demands of its citizens. The people of the US come with a variety of choices and preferences due to which there is a huge stock of all kinds of varieties in the American market.

Moving ahead, the US Trade Data figures are also so amazing and large that make the US market the ideal option for all traders and marketers to trade their goods there. In the article, we are going to share some useful insights about why the US trade market is so important in the global trade business accompanied by some statistical facts.

US IMPORT DATA FOR THE YEAR 2022

Being a country with a huge variety of products and services, the demand for all the goods in the country also remains high most of the time. Due to this fact, the US is forced to import certain goods from other countries to fulfill the demands of its citizens. As per the US Import Data for the year 2022, the imports made by the United States touched USD 3.37 trillion. This amount was comparatively higher than the last year, 2021 when the total imports were close to USD 2.93 trillion.

The major import partners of the US, as per the US Import Data in the year 2022 were:

·        China (USD 575.71B)

·        Mexico (USD 459.20B)

·        Canada (USD 448.33B)

·        Japan (USD 154.44B)

·        Germany (USD 150.46B)

·        Vietnam (USD 135.87B)

·        Korea (USD 120.87B)

·        India (USD 90.99B)

·        Ireland (USD 82.50B)

·        Italy (USD 71.90B)

Other countries that were there in the rundown were namely, the United Kingdom, Thailand, Switzerland, and France.

The major products imported to the United States as per the US Import Data 2022, were electrical machines, automobiles, mineral fuels and oils, medical items, and plastic products.

The past 5 years’ trend of total imports to the United States is mentioned below for the years 2018-2022.

TOTAL IMPORTS TO THE UNITED STATES IN THE PAST 5 YEARS (2018-22)
YEAR	TOTAL IMPORTS	REMARKS
2018	USD 2.60 trillion	+8.3%
2019	USD 2.56 trillion	-1.5%
2020	USD 2.40 trillion	-6.25%
2021	USD 2.93 trillion	+22.08%
2022	USD 3.37 trillion	+15.01%

 

Overall, in 5 years, the imports of the United States have gone up by almost 30%.

WHY US IMPORT DATA IS CRUCIAL FOR GLOBAL TRADE BUSINESS?

In this section, we are going to see why US Import Data plays a crucial role in Global business.

As we know that the United States is a diversified market where the demand of every person differs. Due to this fact, traders and marketers across the globe find this a good opportunity to enter the American market and sell their products. Basically, the US market is the best source for the expansion of markets of different traders. Also, the US Trade Data shares complete information about the products being imported by the nation and in what amount. This helps traders to design their strategy, get in touch with the best suppliers in the nation, and to target the right sector of the country at the right time.

If we see it from a broader perspective, then we get to know that the US is the nation that drives global trade and economy. This is so because it is the largest importer and exporter of goods and services in the world. By studying only the US Trade Data in-depth, marketers get to know about the current trends in the market, the most demanded products and services at a time, and also an idea about the price. For instance, the demand for electrical goods, machines, automobiles, and plastic products is the most as these products are the largest imports to the nation currently.

All because of the above-mentioned facts, the United States has become the largest producer of Import Data in the world as it imports the most across the globe. All the trade insights are collected and maintained by the various ports of the US, government bodies, and other official institutions in a systematic and documented manner.

HOW TO GET THE BEST US IMPORT DATA?

Although there are multiple agencies available online that provide US Import Data, the best alternative amongst all is to get in touch with usimportdata.com as you would be able to analyze things better and in a very easy way. We are a specialist when it comes to getting any trade information about the United States. Our dedicated team always keeps on updating the trade data as per the latest changes and updates so that our customers always get the best and most updated form of US Import Data that too with 100% accuracy and authenticity.

Get in touch with us today through our website or Email ID: info@tradeimex.in