Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Importing Industries in the US in 2020
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View a list of the Top 25 biggest importing industriesImports for 2020: $184.2B
The Car and Automobile Manufacturing industry has experienced bumpy roads over the five years to 2019. General improvements to the economy and heavy buying activity from integral downstream markets are expected to help the auto sector overall. However, declining prices for fuel and crude oil 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 2018, General Motors Company... Learn More
Imports for 2020: $170.3B
In recent years, the Oil and Gas Extraction industry has been challenged by a decline in oil and natural gas prices. Domestic production of oil and gas has steadily increased during the five years to 2019, and operators have positioned themselves to perform strongly as prices rise in the five years to 2024. Although the industry remains exposed to global commodity price fluctuations, IBISWorld expects that the industry will sustain itself moving forward due to its highly lucrative operations.During the five years to 2019, industry revenue has decreased at an estimated annualized rate of 0.4% to $413.2 billion. The industry... Learn More
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
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
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
Imports for 2020: $75.9B
Operators in the Petroleum Refining industry have experienced volatile conditions from 2014 to 2019. Rising crude oil prices fueled revenue growth until the middle of 2014, due to refiners' ability to pass costs down the distribution line. Furthermore, low domestic crude oil prices, when compared with those of international crude oil, bolstered the competitiveness of US petroleum exports. Consequently, in 2015, the United States became a net exporter of refined petroleum products for the first time since 1949. However, since mid-2014, crude oil prices have declined due to slowing international demand and rapid production growth. Prices fell drastically in 2015... Learn More
Imports for 2020: $52.6B
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 of Things (IoT),... Learn More
Imports for 2020: $52.2B
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 2019, industry revenue is expected to increase at an annualized rate of... Learn More
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
Imports for 2020: $48.4B
The Women's, Girls' and Infants' Apparel Manufacturing industry is in a state of decline, as low levels of domestic product innovation and a falling number of industry operators have caused revenue to decrease over the five years to 2019. Largely as a result of overwhelming import competition, industry revenue is expected to fall at an annualized rate of 6.0% to $3.9% during the current period as apparel production is moved overseas to low-cost manufacturers. Labor costs are significantly lower in developing countries and, due to the varying nature of garments produced each season, automation for apparel manufacturing is limited. As... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Revenue in the US in 2020
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Employment in the US in 2020
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