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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
Automobile & Light Duty Motor Vehicle Manufacturing in the US
Brand Name Pharmaceutical Manufacturing in the US
Communication Equipment Manufacturing in the US
Computer Manufacturing in the US
Petroleum Refining in the US
Cut & Sew Apparel Manufacturing in the US
Semiconductor & Circuit Manufacturing in the US
Navigational Instrument Manufacturing in the US
Jewelry Manufacturing in the US

1. Oil Drilling & Gas Extraction in the US

Imports for 2023: $241.7B

The Oil Drilling and Gas Extraction Industry includes companies that profit from extracting and selling fossil fuels. Producers have experienced a high degree of volatility in recent years. Steady growth was ripped away when COVID-19 halted the economy, as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. Although, as the economy recovered demand shot up quicker than supply could match, causing prices to surge and generate substantial returns.

2. Automobile & Light Duty Motor Vehicle Manufacturing in the US

Imports for 2023: $217.8B

Automobile and light duty motor vehicle manufacturers have contended with many challenges in recent years. The industry was already dealing with waning demand when the pandemic struck, resulting in lockdown orders and economic struggles. This drastically reduced the appeal of buying an automobile and consumers’ ability to do so, resulting in steep revenue declines. The industry continued to struggle well past the end of pandemic-related disruptions, as the period of low wear stretched vehicles’ life spans while low supply kept fuel prices high.

3. Brand Name Pharmaceutical Manufacturing in the US

Imports for 2023: $176.5B

Over the past five years, the Brand Name Pharmaceutical Manufacturing industry has experienced several new drug launches, with over 28 novel drugs approved in 2022 (latest data available). Given increasing price scrutiny, competition from generics, intensifying market competition among brand-name producers and rising research and development expenses, many manufacturers have shifted their strategic focus to more lucrative therapy areas, such as rare diseases and oncology.

4. Communication Equipment Manufacturing in the US

Imports for 2023: $169.2B

The Communication Equipment Manufacturing industry produces smartphones, radio and TV broadcasting equipment, satellites, antennas, global positioning systems (GPS) and mobile communications equipment. Manufacturers have endured multiple challenges and have struggled to maintain profit levels. This trend is mainly driven by high research and development (R&D) costs and falling equipment prices caused by lower-priced imports. Since the industry is diverse, specific product segments may perform better than others and large companies with contracts in place will be less affected than smaller manufacturers.

5. Computer Manufacturing in the US

Imports for 2023: $113.9B

Operators in the Computer Manufacturing industry have encountered increased risk related to international trade and lingering disruptions in the global supply chain due to pandemic-related shutdowns. Imports are crucial to the industry since they satisfy almost all domestic demand. Since supply chains were disrupted, it resulted in semiconductor prices rising and putting downward pressure on the industry. Overall, revenue fell at a CAGR of 1.8% to $10.6 billion over the five years to 2023, including a 0.8% decline in 2023. Profit has also declined to 4.7% of revenue in 2023 from 5.6% in 2018.

6. Petroleum Refining in the US

Imports for 2023: $104.9B

The Petroleum Refining industry has experienced multiple volatile conditions in recent years. Crude oil is the primary input cost for refiners in the United States. Attributable to its sensitivity to microeconomic and macroeconomic factors including supply, demand and the health of global economies, crude oil is a highly volatile commodity. The US oil and gas production index has increased in the last few years, contributing to the rise in the world price of crude oil. Despite the rising crude oil prices, volatility caused by the COVID-19 pandemic and Russia’s invasion of Ukraine offset revenue growth.

7. Cut & Sew Apparel Manufacturing in the US

Imports for 2023: $102.0B

Cut and sew apparel manufacturers produce apparel from purchased fabrics. The industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of manufacturers have caused revenue to drop. Many producers have offshored manufacturing capabilities to countries with lower wage requirements, further enhancing import penetration and harming domestic producers. The intense price competition from imports produced in developing countries where labor costs are substantially lower has pushed domestic manufacturers to compete based on quality, shifting their product mix from low-cost apparel to premium clothing.

8. Semiconductor & Circuit Manufacturing in the US

Imports for 2023: $74.9B

Semiconductor technology is responsible for the creation, transfer and viewing of the words on this page. The core component of electronics and a vital input of products and services across the economy, semiconductor components are stuffed into computers, TVs, vehicles, microwaves, vending machines, servers, billboards, telecommunications and more. 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), indirectly provides jobs to more than 277,000 Americans. This diversification limits risk for an otherwise incredibly technical and cash-hungry production process.

9. Navigational Instrument Manufacturing in the US

Imports for 2023: $73.7B

Demand for navigational instruments are driven by their downstream markets. Diversification of downstream buyers helped to partially shield the industry from extreme swings in downstream demand. While the industry showed resilience through COVID, revenue still fell at a marginal CAGR of 0.6% to $129.8 billion over the past five years, with a 0.4% decrease in 2023 alone.Demand for navigational equipment instruments is also driven by private investment and demand from the private sector, which is reflected in analytical laboratory instrument manufacturers.

10. Jewelry Manufacturing in the US

Imports for 2023: $61.5B

Jewelry manufacturers produce jewelry items or silverware using precious or semiprecious metals and stones. Jewelry sales are largely discretionary in nature. Luxury and custom jewelry items are dependent on downstream demand from consumers. Per capita disposable income has increased in recent years, although these increases did not translate to higher demand in 2020, mainly due to increasing uncertainty. Similarly, the global price of gold and silver skyrocketed since the COVID-19 pandemic, with jewelry prices following closely. Manufacturers are characterized by significant price competition, resulting in falling demand amid higher prices.

Source from IBISWorld

Disclaimer: 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.

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