United States Imports and Exports

United States Imports and Exports Overview

A large number of companies in the United States import goods from overseas or export their products worldwide. As a business owner, understanding the intricacies of imports and exports — particularly the related laws, tariffs and logistics — is essential to making the best decisions for your company. At CSL Express Line, we know international trade can be challenging. 

In this guide, we'll discuss vital statistics, trends, and considerations regarding imports and exports in the U.S. Our team can assist you with your logistics needs and help you thrive in the ever-evolving marketplace.

Imports and Exports in the U.S. — Fast Stats

In 2022, the U.S. was the second-largest trading nation worldwide, just behind China. It has trade relations with multiple countries, including Mexico and Canada. The import of goods and services in 2022 alone totaled $3.97 trillion, dropping to $3.83 trillion in 2023. Regarding the export of goods and services, the total value in 2022 was $3.02 trillion and $3.05 trillion in 2023.

What Are the Largest Imports in the U.S.?

The U.S. was the largest importer of goods globally in 2022. Here is an overview of the top categories:

• Crude petroleum: The U.S. imported about $199 billion in crude oil, making it its largest import. The imports were primarily from Canada, Mexico and Saudi Arabia.

• Cars: Cars were the second largest import in the U.S. The total value was $159 billion, making the U.S. the first largest importer of vehicles worldwide. The imports were primarily from Mexico, Japan, Canada, South Korea and Canada.

• Broadcasting equipment: The U.S. imported $116 billion in broadcasting equipment. These included television cameras and transmit-receive and transmission apparatuses for radio and television. The imports were primarily from China, Vietnam and Mexico.

• Computers: Computers were the fourth largest import in the U.S., totaling $108 billion. China and Mexico were the top importing partners. The leading companies included HP and Brother Industries.

• Packaged medicaments: Packaged medicaments were the fifth largest import. The total import value was $91.3 billion, and the top importing partners were Germany, Switzerland, Ireland and India. The leading shipping companies included Baxter Healthcare, L'Oreal and Conair.

  
  

What Are America's Main Exports? 

The biggest U.S. exports involved various petroleum products, automobiles and computer components. Here is a breakdown of the top five categories in 2022:

• Refined petroleum: Refined petroleum was the most exported good in the U.S., with a total value of $138 billion. The primary destinations were Mexico, Canada and Chile. 

• Crude petroleum: The total export value of crude petroleum was $118 billion, making the U.S. the fourth biggest exporter worldwide. The top destinations were South Korea, Canada and the U.K.

• Petroleum gas: Closely behind crude petroleum was petroleum gas, with a total export of $116 billion. The top destinations were Mexico, Japan and the U.K. While third on the top exports list, the U.S. was ranked the second largest exporter of the product.

• Cars: In 2022, the U.S. exported $57.5 billion worth of vehicles, making it the third largest exporter globally. The main destinations were Canada, Germany and China. 

• Integrated circuits: The U.S. exported $49.8 billion in integrated circuits to countries like Mexico and China. During that period, the U.S. was the sixth-largest exporter of the product.

  
  

2024 Import and Export Trends

The import and export landscape is ever-changing, but there are observable trends. Here are some examples:

1. Resilience in Supply Chains

Despite disruptions from the COVID-19 pandemic and global geopolitical tensions, the supply chains show signs of resilience. Some companies are diversifying their supply resources and nearshoring production to reduce reliance on a single country, particularly China. This trend is expected to continue beyond 2024 as businesses seek to mitigate risks associated with global supply chain disruptions risks. 

2. Shift Toward Sustainability 

Sustainability is increasingly influencing import and export decisions. Consumers are favoring products that are environmentally friendly and ethically sourced. On the other hand, companies are adapting by implementing sustainable practices in their supply chains, including reducing carbon footprints and ensuring ethical sourcing of materials.

3. Growth of E-Commerce

The rise of e-commerce continues to drive import and export growth. The convenience of online shopping has expanded the global marketplace, allowing small and medium-sized enterprises (SMEs) to reach international customers. This trend is expected to accelerate beyond 2024, especially as logistics and shipping become more efficient.

4. Technological Advancements

Technology is significantly transforming trade operations. Artificial intelligence (AI), blockchain and automation are enhancing efficiency in logistics, customs clearance and inventory management. In 2024, businesses will likely invest more in these technologies to streamline operations and improve transparency.

Important Considerations When Exporting or Importing in the U.S.

When importing or exporting goods in the U.S., several considerations can impact the success of your operations. Here are the key factors to keep in mind:

5. Legal Compliance

Learn and comply with the customs regulations set by the U.S. Customs and Border Protection (CBP) and other regulatory bodies. This includes obtaining the necessary licenses, adhering to tariffs and ensuring that the products meet safety and labeling standards. Noncompliance can result in fines, delays or confiscation of goods.

Moreover, learn about international shipping contracts and other applicable laws and principles. Classic examples are International Commercial Terms (Incoterms). Knowing these rules can help you determine who bears the risk and costs at each stage of the shipping process.

6. Duties and Tariffs

Import duties can significantly affect the cost of goods. Researching tariffs based on the Harmonized Tariff Schedule (HTS) and understanding how these will impact your pricing strategy is essential. Additionally, consider any Free Trade Agreements (FTA) that reduce duties for specific imports or exports.

7. Insurance and Risk Management

Insurance coverage helps protect against potential losses during transit, such as damage or theft. Consider cargo insurance to cover your shipments and understand the terms of coverage. Also, assess other risks, such as changes in trade policies or political stabilities, and develop a risk management plan.

8. Market Research

Conduct thorough market research to understand demand, competition and consumer preference. This assessment will help you tailor your products and marketing strategies effectively. Understanding the market also involves evaluating potential risks, such as economic fluctuations or shifts in consumer behavior.

9. Cultural Considerations

Cultural differences can impact business negotiations, marketing strategies and customer relations. Understanding these differences facilitates smoother interactions and builds stronger relationships with partners and clients. This position is critical when exporting, as you may need to adapt your product or marketing strategy to align with local preferences.

10. Logistics and Supply Chain Management

Working with a logistics company is vital for smooth operations. A reliable logistics partner can help navigate the complexities of shipping, warehousing and distribution. They can provide expertise on freight forwarding, customs clearance and transportation options, ensuring timely delivery and reducing the risk of costly delays. Their knowledge of international shipping regulations and best practices can also help them choose the most efficient routes and modes of transport. 

Get Logistics Support From CSL Express Line

If you have cargo made or produced overseas, CSL Express Line can help facilitate your imports and prepare all paperwork from the factory. You can receive delivery at any door address within the country. We also handle the entire export process so you can market your goods globally.

CSL Express Line is the ideal freight forwarding partner with years of experience and a helpful team that is ready to assist. Want to learn more? Contact us now!