Biggest Importing Industries in the US in 2023

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. Revenue has grown at a CAGR of 10.6%... Learn More

2. 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. As a result, many companies pivoted their pipelines to rare diseases, in which low prescription volumes can be offset by high per-unit costs and benefit from orphan drug exclusivity, which grants longer patent exclusivity in... Learn More

3. 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. The sector benefited from the 2020 pandemic as businesses were required to increase investment in equipment to support work-from-home... Learn More

4. Car & Automobile Manufacturing in the US

Imports for 2023: $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. As a result, industry revenue has suffered during the period, while the COVID-19 (coronavirus) pandemic accelerated industry decline trends. Recently rising fuel... Learn More

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.

Since products are similar among manufacturers and... Learn More

6. Petroleum Refining in the US

Imports for 2023: $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. Industry revenue is estimated to rise at an annualized 0.1% to $571.5 billion over the... Learn More

7. 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.

Manipulating silicon into thinking requires colossal capital... Learn More

8. 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. The other portion of demand comes from the public side, in the form of US defense funding, surrounding specialized... Learn More

9. Jewelry Manufacturing in the US

Imports for 2023: $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. Moreover, the price of silver and gold soared amid increased demand for the metals as a... Learn More

10. Circuit Board & Electronic Component Manufacturing in the US

Imports for 2023: $60.3B

Printed circuit board revenue climbed at a CAGR of 0.7% in the past five years but rose just 0.1% in 2023 to reach $59.6 billion and a profit of 5.6%. COVID-19 rocked global supply chains, particularly those connecting US and Asian markets. Printed circuit board manufacturing and assembly plants briefly closed in 2020 before quickly reopening. A drop in production created order backlogs and a shortage of semiconductors and electronic components. The shortage coincided with massive demand for cars, phones and medical devices. Downstream semiconductor and electronics companies sought out printed circuit boards to take advantage of skyrocketing prices. Both... Learn More