Biggest Importing Industries in the US in 2020

1. Car & Automobile Manufacturing in the US

Imports for 2020: $181.0B

The Car and Automobile Manufacturing industry has experienced bumpy roads over the five years to 2020. General improvements to the economy and heavy buying activity from integral downstream markets are expected to help the auto sector overall. However, declining overall prices for fuel and crude oil during the decade have helped bolster demand for light trucks and sport utility vehicles at the expense of compact cars and sedans. Furthermore, automakers' response to consumer preference 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... Learn More

2. Brand Name Pharmaceutical Manufacturing in the US

Imports for 2020: $119.1B

Over the five years to 2020, the Brand Name Pharmaceutical Manufacturing industry in the United States 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 shifted their strategic focus to more lucrative therapy areas, such as rare... Learn More

3. Communication Equipment Manufacturing in the US

Imports for 2020: $111.1B

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, industry revenue is anticipated to decline marginally at an annualized rate of 0.4% to $28.2 billion over the five years to 2020, including estimated decline of 0.5% in 2020 alone.While domestic companies are often at the forefront of progress in this industry, many have offshored less-profitable manufacturing activities to countries with lower production costs... Learn More

4. Oil Drilling & Gas Extraction in the US

Imports for 2020: $95.8B

The Oil Drilling and Gas Extraction industry's performance has been extremely volatile in recent years, despite rising domestic oil and gas production. Over the five years to 2020, revenue has fluctuated primarily due to substantial swings in commodity prices, including an estimated decline of 47.2% in world crude oil prices and a 34.4% drop in natural gas prices in 2015. World prices moderately recovered in the middle of the period before tumbling again in 2019 and 2020 due to lower aggregate demand for oil stemming from the COVID-19 (coronavirus) outbreak. Profit, measured as earnings before interest and taxes, has exhibited... Learn More

5. Computer Manufacturing in the US

Imports for 2020: $79.9B

Over the five years to 2020 the Computer Manufacturing industry expanded as the economy continued to grow. Still, imports are expected to satisfy 94.5% of domestic demand in 2020. Exports represented 59.2% of revenue in 2020, declining from 72.0% at an annualized rate of 3.0% amid concerns surrounding COVID-19 (coronavirus). Industry operators have experienced increased risk related to international trade and the global supply chain due to shutdowns related to coronavirus. Despite this, the industry has performed relatively well amid continued economic growth during the current period. Over the five years to 2020, industry revenue is expected to increase at... Learn More

6. Aircraft, Engine & Parts Manufacturing in the US

Imports for 2020: $69.6B

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 slowed. The majority of this stagnation was due to falling defense spending, which reduced US demand for military aircraft and related components. However, some of the decline in growth was also caused by a slowdown in the commercial segment, as global demand moderated and operators switched production to newer generation products. Therefore, over the five years to 2020, industry revenue is expected to increase at an annualized rate of... Learn More

7. Petroleum Refining in the US

Imports for 2020: $57.7B

The Petroleum Refining industry has experienced volatile conditions over the five years to 2020. 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 5.9% over the five years to 2020, contributing to the world price of crude oil to decline an annualized 6.5% during the same period. Industry revenue is estimated to decrease at an annualized... Learn More

8. Surgical Instrument Manufacturing

Imports for 2020: $49.5B

The aging US population and growing spending on healthcare have driven demand for surgeries and, as a result, for the Surgical Instrument Manufacturing industry. The Patient Protection and Affordable Care Act (PPACA) has given millions of Americans access to healthcare services, including surgeries. In addition, the improving labor market has increased the number of Americans with employee-sponsored private health insurance and driven an increase in out-of-pocket spending on elective surgery. The expansion of the PPACA led many hospitals and other treatment facilities to stock up on surgical equipment in preparation for booming demand. However, immediately following the implementation of the... Learn More

9. Semiconductor & Circuit Manufacturing in the US

Imports for 2020: $42.1B

Semiconductors are a core component of electronics and a vital input of products ranging from devices and systems (e.g. computers, cell phones and TVs) to solutions and services (e.g. internet providers, telecommunications and broadcasting 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 250,000 Americans. The industry's products are a major input for other technologies, leading to diversified demand from many markets. The use of semiconductors in various emerging technologies, such as artificial intelligence and Internet... Learn More

10. Organic Chemical Manufacturing in the US

Imports for 2020: $41.4B

Revenue for the Organic Chemical Manufacturing industry, which provides raw materials to industries such as plastic, paint and adhesive manufacturing, has declined at an annualized rate of 0.6% to $147.5 billion over the five years to 2019. Overall, the industry has experienced significant economic challenges in recent years. Industry exports declined consistently between 2014 and 2016, as lower industrial and manufacturing activity from emerging economies such as China led to depressed demand for organic chemicals produced by this industry. Moreover, declining organic chemical prices further pressured industry revenue, especially in 2014 and 2015.

Consumer spending and US construction growth have continued... Learn More