Biggest Importing Industries in the US in 2021

1. Car & Automobile Manufacturing in the US

Imports for 2021: $154.8B

The Car and Automobile Manufacturing industry has had a bumpy road over the five years to 2021. 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. In 2017, Fiat Chrysler Automobiles NV halted production of cars and sedans in the United States. In 2018, General Motors Company and... Learn More

2. Brand Name Pharmaceutical Manufacturing in the US

Imports for 2021: $127.1B

Over the five years to 2021, the Brand Name Pharmaceutical Manufacturing industry has experienced several new drug launches, with nearly 50 new active substances launched in 2019 alone. According to research by Informa PLC, the number of new drug launches in 2019 was more than double the number launched in 2016, with many new drug launches focusing on rare diseases and oncology. 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.... Learn More

3. Communication Equipment Manufacturing in the US

Imports for 2021: $95.8B

The Communication Equipment Manufacturing industry produces radio and TV broadcasting equipment, satellites, antennas, global positioning system (GPS) equipment, pagers, mobile communications equipment and cell phones. Since the industry is diverse, certain product segments may perform better than others. However, due to stiff internal and import competition, and volatility due to COVID-19 (coronavirus) industry revenue is anticipated to decline at an annualized rate of 0.1% to $28.5 billion over the five years to 2021, despite expected growth of 6.7% in 2021 as the coronavirus pandemic gives way to an economic recovery.

While domestic companies are often at the forefront of progress in... Learn More

4. Computer Manufacturing in the US

Imports for 2021: $77.5B

Over the five years to 2021, the Computer Manufacturing industry declined amid volatility toward the end of the period due to COVID-19 (coronavirus). Still, imports are expected to satisfy 94.4% of domestic demand in 2021. Exports represented 60.4% of revenue in 2021, declining from 65.2% at an annualized rate of 3.2% 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. Over the five years to 2021, industry revenue is expected to decline at an annualized rate of 1.7% to $10.0 billion. In 2020 alone,... Learn More

5. Oil Drilling & Gas Extraction in the US

Imports for 2021: $76.6B

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 2021. 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. Despite hydrocarbon prices having remained far below record highs achieved in 2012 and 2013, domestic production flourished as unconventional drilling techniques such as hydraulic fracturing and horizontal drilling have become more prevalent. These technologies enable operators to access reserves which were... Learn More

6. Petroleum Refining in the US

Imports for 2021: $62.7B

The Petroleum Refining industry has experienced volatile conditions over the five years to 2021. 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 economies domestic and overseas, crude oil is a highly volatile commodity. The US oil and gas production index has increased at an annualized rate of 4.1% over the five years to 2021, contributing to the world price of crude oil only increasing an annualized 6.6% during the same period. Industry revenue is estimated to increase at an annualized... Learn More

7. Nonferrous Metal Refining in the US

Imports for 2021: $61.9B

The Nonferrous Metal Refining industry is highly globalized and closely linked to activity in the construction and manufacturing sectors, which are the major markets for industry products. Both of these downstream markets encountered mixed growth conditions over most of the five years to 2021. Fluctuations in the price of copper and other nonferrous metals often reflect cyclical changes in both domestic and global demand. In addition to shipping refined metal products overseas, industry operators also provide refining services to international clients on a fee basis, known as toll processing. Despite volatile prices and demand from downstream markets, industry revenue is... Learn More

8. Aircraft, Engine & Parts Manufacturing in the US

Imports for 2021: $48.5B

The Aircraft, Engine and Parts Manufacturing industry develops and manufactures planes, rotorcraft, engines and related components for the civil and defense markets. After years of growth, the industry's revenue has recently experienced some turbulence, suppressing growth potential. The majority of this reversal was due to slowing defense spending, which reduced US demand for military aircraft and related components. Additionally, amid the COVID-19 (coronavirus) pandemic, industry revenue is expected to significantly decline as demand for air travel drastically shrinks. Therefore, industry revenue is expected to rise at a slow annualized rate of 0.4% to $231.5 billion over the five years to... Learn More

9. Textile Mills in the US

Imports for 2021: $43.5B

The Textile Mills industry includes various manufacturers of fiber, yarn and thread, fabric finishing and coating, curtain fabric, linen and narrow fabric. Industry operators serve a plethora of downstream markets, including apparel, automobile and home furnishing manufacturers. Over the five years to 2021, industry operators have experienced mounting competition from developing countries with low labor costs. As a result, demand from domestic apparel manufacturers has shrunken considerably. In response, operators have increasingly relied on the automobile and home furnishing markets to prevent revenue from declining at a faster pace. Over the five years to 2021, industry revenue is expected to... Learn More

10. Household Furniture Manufacturing in the US

Imports for 2021: $43.1B

Although domestic demand for the Household Furniture Manufacturing industry has risen strongly over the five years to 2021, driven by expansion in the housing market, revenue has fallen overall. Consumer furniture purchases often relate to the furnishing of a new residence, so growth in disposable income has enabled more consumers to purchase new household furniture over secondhand furniture. The industry also includes some institutional furniture and, thus, has benefited from nonresidential construction activity recently. Much of industry demand, however, is satiated by imported products because foreign prices are very competitive. Additionally, spending on furniture dropped substantially in 2020 as a... Learn More