US Import Export Industry A Goldmine of Unlimited Possibilities
The United States import and export industry is a $5.6 trillion industry: $2.5 trillion in export and $3.1 trillion in the import of goods and services. No man is an island, so no country has the capacity to produce all its local consumption’s, the US today spends $1.7 trillion exporting goods which amounts to 66% of its export capacity, others can be attributed to service export. Majority of these goods are capital goods and covers a major portion of the export revenue, these sections are categorized as thus:
- Commercial Aircraft – $132 billion
- Industrial Machines – $57 billion
- Semiconductors – $50 billion
- Telecommunications – $36 billion
- Electric apparatus – $44 billion
- Medical equipment – $38 billion
- Industrial supplies – $531 billion
The petroleum products remain the largest in the category with total earnings of $122 billion in profit. Other subcategories include:
- Chemical products – $81 billion
- Fuel oil – $41 billion
- Plastic – $37 billion
- Non-monetary gold – $19 billion
- Pharmaceutical preparations – $55 billion
- Cell Phones – $27 billion
- gem diamonds – $20 billion
The automobile industry contributes just 10% on the exported goods while foods and other edibles have $162 billion representing just 8% of export commodities with beverages contributing $131 billion. But the biggest three in all of these are soybeans which account for $20 billion, poultry products and meat – $20 billion, and corn $9 billion.
The service sector did not disappoint as they contribute $847 billion to the export revenue, with travel services contributing $306 billion. IT and business services contribute an average of $228 billion, a proof of the country’s technological strength. The private sector like financial services contributes $131 billion while Royalties and license fees contribute $129 billion. The least contributor to the service export service section is military contracts and government which compliments the service export section with $21 billion.
Statistical Data Analysis of US Importation
It won’t be a surprise if we say that the United States imports more than she exports, the United States imports 80% of its goods totaling $2.5 trillion in cash. The importation of capital goods took a large chunk of the data with $678 billion representing 27% of all the goods imported. These capital goods include computers and telecommunications that stand at $131 billion and $117 billion respectively. Customers’ goods follow next with $654 billion which we believe is not much to compare with the total consumption rate of the US population. The top two performing categories of customer goods are phones and television which stands at $132 billion as well as pharmaceutical products which stands at $149 billion. But mind you, those phone and television products are produced by American companies based outside the shores of the United States e.g. China.
But you have to understand that succeeding in the export-import business requires you to work with professionals, probably those with enough experience in the industry. Because of the recent economic challenges going on in that sector as a result of the Corona Virus outbreak, there are a lot of new policies and rules introduced and applies to all the vessels coming or out of the country. This is why you need a capable hand like Global Professional Services®, known for its swift delivery in all cases that require import and export activities. Give them a call today and have a taste of professionalism in the import-export industry.