The US imports over $1.2 trillion worth of products or services each year. These goods and services range from high-tech tools to luxurious items to more mundane household products and originate in more than a hundred and fifty countries. The import market is huge, thus you should easily be able to find a spot in it for your goods!
Why Such a large Business?
The imports market is staggeringly huge for a country with a population of just about 310 million people. There’re several factors for this that might be useful to organizations thinking of joining the market. First of all, many imported products aren’t locally available, like bananas. Second, some kinds of goods, particularly luxury things like caviar, champagne, French perfume, or German luxury vehicles, have a cachet that the locally produced equivalent might have. Finally, many imported products, just like electronics or clothes, are cheaper when made somewhere else.
Major Import Partners
While US imports originate from numerous places, the market is taken over by some countries. Slightly more than 18% of the US imports originate from China. The next greatest amount of imports comes from Canada, with 14.8%, followed by Japan, Mexico and Germany. Actually, the top fifteen US imports partners handle almost 75% of the imports market. Including countries like South Korea, the united kingdom, Venezuela, Nigeria, Saudi Arabia, Taiwan, India, and some others which make many different items.
Major Import Items
The US imports a number of products, such as everything from foods to clothing and cars to computers. The biggest import is crude oil, making up an impressive 16.3% of the US imports and is the key contribution of Venezuela, Saudi Arabia, and Nigeria. Some other important products include passenger cars, materials to make medicines, computer systems and computer components, cotton clothing, mobile phones and other telecommunications equipment, and Tvs and DVD players.
While the US imports market does big business each year, the businesses involved with it are not very big. Actually, only 4% of the US import export market is made up of huge national or multinational corporations. Another 96% are small businesses. This means that there are lots and lots of available trading partners in the us looking for many different kinds of goods to import, and they are looking for both finished products like clothes and consumer electronics and raw materials for producing their own goods.
Trade Limitations and Rules
While in many ways importing goods into the Us has a simpler process than exporting products from the Us, there’re several important factors to think about when getting involved in the US imports market. The United States does charge import tariffs or taxes on a number of goods when they enter the Us. The tax varies on the item and the country of origin, so it is important to research this subject. The United states also limits imports of some types of raw materials to set per-country quotas, thus it may be difficult to enter these markets.
The US imports huge and is continuing to grow exponentially. While it is ruled by imports from a relatively small number of countries, the market expansion implies that there’s plenty of room for new businesses to get involved.
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