Based on the expert analysis and our database of 1,300+ US industries, 麻豆社 presents a list of the Biggest Importing Industries in the US in 2024
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View a list of the Top 25 biggest importing industriesImports for 2024: $249.0B
Automobile and light duty motor vehicle manufacturers have contended with many challenges in recent years. The industry was already dealing with waning demand when the pandemic struck, resulting in lockdown orders and economic struggles. This drastically reduced the appeal of buying an automobile and consumers' ability to do so, resulting in steep revenue declines. The industry continued to struggle well past the end of pandemic-related disruptions, as the period of low wear stretched vehicles' life spans while low supply kept fuel prices high. The healing of international trade contributed greatly to manufacturers' stabilization, as they were able to again capitalize... Learn More
Imports for 2024: $212.8B
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
Imports for 2024: $177.7B
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
Imports for 2024: $121.3B
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
Imports for 2024: $87.3B
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
Imports for 2024: $83.9B
The Petroleum Refining industry has experienced multiple volatile conditions in recent years. Crude oil is the primary input cost for refiners in the United States. Attributable to its sensitivity to microeconomic and macroeconomic factors including supply, demand and the health of global economies, crude oil is a highly volatile commodity. The US oil and gas production index has increased in the last few years, contributing to the rise in the world price of crude oil. Despite the rising crude oil prices, volatility caused by the COVID-19 pandemic and Russia's invasion of Ukraine offset revenue growth. Over the past five years,... Learn More
Imports for 2024: $80.3B
Cut and sew apparel manufacturers produce apparel from purchased fabrics. The industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of manufacturers have caused revenue to drop. Many producers have offshored manufacturing capabilities to countries with lower wage requirements, further enhancing import penetration and harming domestic producers. The intense price competition from imports produced in developing countries where labor costs are substantially lower has pushed domestic manufacturers to compete based on quality, shifting their product mix from low-cost apparel to premium clothing. The high import competition and growing price pressures... Learn More
Imports for 2024: $75.4B
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
Imports for 2024: $65.5B
Airplane, engine and parts manufacturers develop and produce planes, rotorcraft, engines and related components for the civil and defense markets. Despite COVID-19 collapsing demand for air travel and new airplanes, newfound growth followed and a surge of air transit led to strong revenue growth, with revenue increasing at a CAGR of 3.7% to $323.1 billion over the five years to 2023, including a 7.8% increase in 2023 alone.
Strong demand dynamics have supported large commercial aircraft production and related components. Growing emerging markets have led to increased global air travel and encouraged airlines to upgrade their aircraft fleets. Fuel-efficient aircraft becoming... Learn More
Imports for 2024: $63.5B
The Hybrid and Electric Vehicle Manufacturing industry has boomed as the use of renewable energy sources surged in popularity. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. With concerns about the environment, new entrants continue to flood in looking to establish market share. New government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Industry-wide revenue has increased at an annualized 29.6% to $88.8 billion over the past five years, including... Learn More
Based on the expert analysis and our database of 1,300+ US industries, 麻豆社 presents a list of the Biggest Industries by Revenue in the US in 2024
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, 麻豆社 presents a list of the Biggest Industries by Employment in the US in 2024
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