Home » Latest News » The 10 Biggest Importing Industries in the US

The 10 Biggest Importing Industries in the US


Table of Contents
Oil Drilling & Gas Extraction in the US
Brand Name Pharmaceutical Manufacturing in the US
Car & Automobile Manufacturing in the US
Communication Equipment Manufacturing in the US
Computer Manufacturing in the US
Petroleum Refining in the US
Navigational Instrument Manufacturing in the US
Jewelry Manufacturing in the US
Circuit Board & Electronic Component Manufacturing in the US
Semiconductor & Circuit Manufacturing in the US

1. Oil Drilling & Gas Extraction in the US

Imports for 2022: $251.2B

Fluctuating commodity prices and unstable energy markets have caused the Oil Drilling and Gas Extraction industry to endure an extremely high level of revenue volatility over the five years to 2022. Revenue grew at the outset of the period as the world prices of crude oil and natural gas rebounded off of decade lows fueled by booming US production. Domestic production flourished as unconventional and highly efficient drilling techniques such as hydraulic fracturing and horizontal drilling have become upstream mainstays.

2. Brand Name Pharmaceutical Manufacturing in the US

Imports for 2022: $158.1B

Over the five years to 2022, the Brand Name Pharmaceutical Manufacturing industry has experienced several new drug launches, with nearly 50 novel drugs approved in 2021 alone. Given increasing price scrutiny, competition from generics, intensifying market competition among brand-name producers and rising research and development (R&D) expenses, many manufacturers have shifted their strategic focus to more lucrative therapy areas, such as rare diseases and oncology.

3. Car & Automobile Manufacturing in the US

Imports for 2022: $154.5B

The Car and Automobile Manufacturing industry has had a bumpy road over the five years to 2022. During much of the period, improvements to the economy have helped the auto sector overall. However, declining prices for fuel and crude oil over the past decade have helped bolster demand for trucks and sport utility vehicles at the expense of compact cars and sedans. Furthermore, automakers’ response to changing consumer preferences has been to shift production away from industry-relevant vehicles.

4. Communication Equipment Manufacturing in the US

Imports for 2022: $138.1B

The Communication Equipment Manufacturing industry produces smartphones, radio and TV broadcasting equipment, satellites, antennas, global positioning system (GPS) equipment and mobile communications equipment. Over the five years to 2022, operators have been exposed to a myriad of challenges and have struggled to maintain the high revenue growth of other technological economic sectors. Since the industry is diverse, certain product segments may perform better than others.

5. Computer Manufacturing in the US

Imports for 2022: $111.2B

Over the five years to 2022, the Computer Manufacturing industry declined amid volatility toward the end of the period due to COVID-19 (coronavirus). Still, imports are expected to satisfy 96.9% of domestic demand in 2022. Exports represent 65.6% of revenue in 2022, declining from 74.5% at an annualized rate of 2.2% amid concerns surrounding coronavirus. Industry operators have experienced increased risk related to international trade and the global supply chain due to shutdowns related to coronavirus.

6. Petroleum Refining in the US

Imports for 2022: $106.4B

The Petroleum Refining industry has experienced volatile conditions over the five years to 2022. Crude oil is the primary input cost for refiners, and due to its sensitivity to microeconomic and macroeconomic factors, such as supply and demand and the health of global economies, crude oil is a highly volatile commodity. The US oil and gas production index has increased an annualized 5.3% over the five years to 2022, contributing to the world price of crude oil increasing an annualized 15.1% during the same period.

7. Navigational Instrument Manufacturing in the US

Imports for 2022: $67.4B

The Navigational Instrument Manufacturing industry produces a wide range of devices, including search, detection and navigational instruments, appliance regulators and controls, laboratory analytical instruments and physical properties testing equipment. The industry has a diverse clientele, including industries in air-traffic control, shipbuilding, construction, geophysical services and research. This variety of markets shields revenue from extreme fluctuations in downstream demand.

8. Jewelry Manufacturing in the US

Imports for 2022: $63.3B

The Jewelry Manufacturing industry manufactures jewelry items or silverware using precious or semiprecious metals and stones. Largely discretionary in nature, luxury and customer jewelry items are dependent on downstream demand from consumers. Although per capita disposable income increased over the five years to 2022, industry revenue faltered against increasing import penetration and fluctuating input prices. Furthermore, global economic instability following the onset of the COVID-19 (coronavirus) pandemic disrupted demand from the industry’s downstream markets, resulting in an 15.8% collapse in industry revenue in 2020.

9. Circuit Board & Electronic Component Manufacturing in the US

Imports for 2022: $57.9B

The Circuit Board and Electronic Component Manufacturing industry manufacturers electronic components, including printed circuits, circuit boards, capacitators, transformers, switches and connectors. Over the five years to 2022, demand from downstream manufacturers has fluctuated. In recent years, many companies have replaced outdated circuit boards and electrical components with new versions, presenting an opportunity for select industry operators. Additionally, the COVID-19 (coronavirus) pandemic has caused overall volatility for industry operators, downstream manufacturers and suppliers of metals and plastics, thus reducing profit margins.

10. Semiconductor & Circuit Manufacturing in the US

Imports for 2022: $56.7B

Semiconductors are a core component of electronics and a vital input of products and services, including computers, TVs, internet providers and telecommunications services. The Semiconductor and Circuit Manufacturing industry is one of the top export industries in the United States, and, according to the Semiconductor Industry Association (SIA), the industry indirectly provides jobs to over 277,000 Americans. The industry’s products are a major input for other technologies, leading to diversified markets and heightened demand for semiconductors during most of the period.Despite strong demand, international competition, aggressive import penetration and a relatively strong US dollar pose threats to the industry.

Source from IBISworld

The information set forth above is provided by IBISworld independently of Alibaba.com. Alibaba.com makes no representation and warranties as to the quality and reliability of the seller and products.

Was this article helpful?

About The Author

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top