Top US Export Statistics Every Business Must Know Before Entering The Market

If you are inclined to enter the US export market, you would want to assess and deeply study a few things to reap the full benefits of trading. If you want to avoid running into unwanted hurdles in the smooth flow of work, you would wish to complete access to market statistics and information. Otherwise, you may end up becoming a victim of the market upheaval.

Pointers An Exporter Must Know Before Entering US Market

As an exporter, you must be clear-headed about certain things. The pointers mentioned below will benefit you in ways unimaginable:

  1. Research The Industry

If you wish to trade in the US, and if it is not your own country, you would want to study the culture, preferences, choices and habits of the people of the country. It would be best if you do research on how the US market is different from your own. You will save a lot of money, effort and even time by knowing the tricks of trading on a completely different platform. The US export statistics will help you with this.

  1. Decide Your Destination

The US is a big country. Your research will also help you decide what commodity you want to deal in. If you already have that in mind, you might want to study geography to narrow down the location or locations that will be optimum for your commodity. Your commodity should be needed and demanded in the location you choose.

You do not want to enter a crowded market with established and trusted competitors. It is good to be ambitious and optimistic, but it is advisable to be realistic about your market position. The US import-export data will help you in finding out the shipment details of your competitors.

  1. Effective Communication

Effective communication to potential clients lists as the prime factor. It is the key to a growing business. You must learn to listen and observe. Understand what your client wants, prioritise his needs. The optimum functioning of any trade depends on the right choice of words and smooth communication. Be available. Do not dodge any misunderstanding or miscommunication. The clarity of your ideas is also very significant.

  1. Consistency Is Key

As they say, ‘Rome was not built in a day.’ When you enter into the export business, especially in the US, you will have to slowly build your place by gaining the confidence of your trade partners. Being consistent can steadily prove your worth.

  1. Focus On Price Variables

When quoting your price, always remember to take the currency, shipping and other price variables into consideration.

Relevant Knowledge Of US Business Statistics

It would be best if you kept in mind certain things before trading in the US market. They are listed below:

  1. Latest Trade Figures

The US import-export data shows that the country’s international trade deficit as of 2nd July 2021 rests at approximately $71.2 billion. It increased between April and May as the imports surpassed the exports.

  1. Export-Import Data Bank (Annual)

The latest US import-export data by country available shows that in 2019, the total trade with foreign countries, including both export and import, amounted to a whopping $5.6 trillion. It broke down as $2.5 trillion in exports and $3.1 trillion in imports. 

  1. Export-Import Data Bank (Monthly)

The export of goods in May this year was 145.5 billion US dollars. Export of industrial supplies and materials in May this year was 52.3 billion US dollars. While imports of foods, feeds, and beverages were 15.4 billion US dollars.

  1. Foreign Trade Performance Analysis

A recent analysis of US import-export data by country shows a sharp fall in the growth of trade, about 8 per cent, in the year 2020. The reason was the outbreak of the covid-19 pandemic.

The sharpest decline in international merchandise trade was in the second quarter of 2020 when the pandemic was at its peak all across the globe. The trade growth fell about 20 per cent. It somewhat recovered in the third and fourth quarters of 2020.

  1. Leading Export Partners

It is essential to have a knowledge of the leading export partners of the US. According to the US export statistics, China leads with an 18.40% partner share. Mexico follows it with a 14.07% partner share, Canada with 12.72%, Japan with 5.72% and Germany with 5.06%.  

What’s The Future Of US Export As Per Statistics?

Despite being the third-largest exporter globally, the United States exports only 13 percent of its total GDP. Its principal exports are capital goods and industrial supplies, covering about 44% of the total exports. Others include consumer goods of about 8% and petroleum of about 7%. One study estimated that exports in the United States might hit 206,000 million dollars in 2022 and 216,000 million US dollars by 2023. Exports are slated to rise for consumer goods, pharmaceutical preparations and foods, feeds and beverages.

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