The US Bureau of Labor Statistics announced that as per the Us Import Statistics By Hs Code,  import prices increased 2.0 percent in January after falling 0.4 percent in December. In January, higher gasoline and nonfuel costs led to an overall rise in import prices. After falling 1.6 percent in December, export prices in the United States increased by 2.9 percent in January.

Imports

Following a 0.4-percent dip in December, import prices in the United States increased 2.0 percent in January, resuming the rising pattern seen during most of 2021 based on the US import statistics by hs code. The gain in January was the highest monthly increase since April 2011. Import costs in the United States have risen 10.8% in the last year, owing to increasing fuel and nonfuel prices.

USA’s top importing industries in 2022

US imports data by company shows that car & automobile manufacturing in the US, communication equipment manufacturing, computer manufacturing,  textile mills, medical instruments & supply, aircraft, engine & parts manufacturing, nonferrous metal refining, brand name pharmaceutical manufacturing, oil drilling and gas extraction, and petrol refining are the largest importing industries in the US according to the US imports data by company 2022.

USA’s top importing industries	Value in USD ($)	Year
Textile mills	$43.5 Billion	2022
Aircraft, engine and parts	$48.5 Billion	2022
Medical instrument and supply	$46.5 Billion	2022
Car and automobile	$154.8 Billion	2022
Communication equipment	$122.5 Billion	2022
Brand name pharmaceutical	$157.1 Billion	2022
Oil drilling and gas extraction	$84.2 Billion	2022
Petroleum refining	$62.7 Billion	2022
Computer manufacturing	$67.3 Billion	2022
Nonferrous metal refining	$61.9 Billion	2022

Imports of fuel 

Following an 8.3% decline in December, the import gasoline price index increased by 9.3% in January. Higher gasoline and natural gas prices fueled the January rally. Import fuel costs have risen by 60.3%in the last year.

 Import gasoline prices rose 9.5%in January, after falling 8.3% the month before. For the year ending in January, oil prices increased by 57.7%. Natural gas prices increased by 10.5%in January, after decreasing by 10.5%in December. From January 2021 to JMaterials and Supplies for Non-Fuel Industries.

In January, the price index for nonfuel industrial goods and materials rose 3.2%, the highest one-month increase since May 2021. The surge in January was fueled by higher pricing for certain building materials, chemicals, and unprocessed metals. January 2022, natural gas prices soared by 118.4%.

All Imports

Nonfuel import prices rose 1.4%in January, marking the first monthly increase since November 2020. Since the inaugural publication of monthly percent changes in January 2002, the January gain was the highest one-month increase.

The increase in nonfuel import costs in January was fueled by higher prices for nonfuel industrial supplies and materials, meals, feeds, drinks, capital goods, consumer goods, and automobiles.

The price index for nonfuel imports increased 6.9% year over year, the highest annual increase since the 12-month percent changes were first released in December 2002.

Finished Goods

In January, prices for all of the main finished goods categories climbed. Prices for capital goods increased by 0.9% in April, the highest monthly increase since April 2008. Consumer prices rose 0.5% for the second month in a row, the highest one-month gain since February 2018.

Automobile car prices increased by 0.1% in the month of January.

Exports

Following a 1.6% drop the prior quarter, export prices in the United States jumped by 2.9% in January. Since the inaugural publication of monthly percent changes in January 1989, the January gain was the highest one-month increase according to the US export data by product.

The sudden rise in the prices for non-agricultural and agricultural exports resulted in a rise in overall US export prices in January. From January 2021 to January 2022, the price index for US exports increased by 15.1%.

Exports of Agricultural Products

The US export data by product also shows that after a 0.7-% gain in December, the price index for agricultural exports jumped 3.0% in January. Soybeans, other animal feeds, corn, vegetables, and cotton all saw higher prices in January, helping to boost export agricultural prices. Agricultural export prices have increased by 18.0% in the last year.

All Exports

Non-agricultural prices increased by 2.9% in January, after falling by 1.9% the last month. Since the inaugural publication of monthly percent changes in January 1989, the January rise was the greatest.

The increase in nonagricultural export prices in January was fueled by higher prices for nonagricultural industrial supplies and materials, capital goods, consumer products, motor vehicles, and nonagricultural foods. Nonagricultural export prices rose 14.7% in the year that ended in January.

Supplies and Materials for Non-Agricultural Industries

In January, the price index for nonagricultural industrial goods and materials increased by 5.5%, the most since March 2021. Based on the Us Export Data By Product, the increase in January was led by an 11.7% increase in export gasoline costs.

Finished Goods

In January, prices increased in all of the main finished goods categories. The increase in capital goods prices was 0.7%, the biggest since January 2013. Consumer prices increased by 1.0%, the most in a single month since June 2011. In January, the price index for automobiles climbed by 0.3%.

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Global Import Export Data Uses And Benefits

 Global Import Export Data is a necessity to run a business successfully, it is important for you to learn and know more about your potential market and business.

It is crucial to gather more information and knowledge about your field of interest before you fully commit yourself and start investing.

We at Exim trade data help you acknowledge the current situation of the international import-export trade market. Exim trade data is one of the best import export data websites that provides top-notch marketing intelligence reports and customs trade data on various global countries

Exim’s genius import-export market analysis reports and research data help you evaluate the market supply and demand in real-time.

We help you provide useful insights into the global market of import-export and offer complete transparency into the global trade market.

In this article, we will discuss some of the strategies being used by some of the listed countries for their import-export trade business.

Import-Export Strategies Of Tanzania

In terms of imports, Tanzania is the 113th largest exporter in the world and is situated in East of Africa.  In the year 2019, the total value of exported goods of Tanzania was estimated at around $4.9 billion.

Tobacco, edible vegetables & certain roots, cereals, precious stones & pearls, copper & articles, edible fruits & nuts, fish & crustaceans, oil seeds & oleaginous, spices, tea, mate & coffee are the main exports of this country as per Tanzania export data 2020.

These exports shared a value of 73% of total exports as per the trade statistics of this country.

Some Of The Top Export Partners Of Tanzania

India($727 million), Kenya ($221 million), South Africa ($743 million), Switzerland ($257 million), Uganda ($117 million), Belgium ($240 million), Rwanda ($102 million), DR Congo ($144 million), United Arab Emirates ($88 million), China ($143 million) are some of the top and major export partners of this country according to Tanzania export data 2020-19

Import-Export Trade Strategies Of Mexico

The country is situated in North America besides the United States. Based on data from 2019, Mexico was the 10th largest exporter in the world. The total worth of the exported goods in 2019 was estimated at around $460.7 billion.

Mexico is the world’s 16th and 10th largest economy in the world in nominal terms and by power parity purchase respectively.

Agriculture is the major economic sector of Mexico in which avocado, potatoes, and sugarcane are the top cultivating crops.

Top Exported Products and Export Partner Countries of Mexico

Based on Mexico Export Data from 2019, edible fruits & nuts, spirits & vinegar, beverages, vehicles, plastics, electronics, minerals fuels & oils, machinery, edible vegetables, furniture, optical/photographic & medical equipment are some of the top exports of this country.

The customs data of Mexico also discloses that Japan, Taipei, Brazil, the United States, Colombia, Germany, the United Kingdom, Colombia, China, South Korea,  are the major export partners of this country.

For info on Mexico import-export data, you can connect to us directly as we are the best Mexico export data provider on the globe.

Import-Export Strategies & Data For Pakistan Exporter

Based on Pakistan export data for the years 2018 & 2019, the total value of exported goods was estimated at around $24 billion.

The market research reports and market trade analysis of Pakistan show that Pakistan is among the 68th largest exporters in the world.

As per Pakistan export data, rags & textile articles are major exports of this country whereas the United States of America is the top export partner of Pakistan.

What Are The Major Exports and Export Partners Of Pakistan?

According to the customs data of Pakistan, cereals, cotton, not knitted apparel & clothing, knitted apparel & clothing, rags/articles & rags were the main exports of Pakistan in 2019.

The customs export data of Pakistan also reveals that Bangladesh, Spain, Germany, Italy, Netherlands, United Kingdom, United States, Afghanistan, United Arab Emirates, and China are the major export partners of Pakistan.

EXiM trade data provide import-export Data For Pakistan Exporters as well as global traders. The data that we offer at EXiM consists of information and details such as the date, product description, HS Code, total value, foreign country, port name, assignment info, shipping port, importer names, etc.

The Impact Of Covid-19 On The World Economy import Export business

 Before we go any further with today’s topic, it is important for us to acknowledge how the novel spread of coronavirus has affected the financial stability of countries globally? The pandemic has shattered the economy of many countries. Creating challenges and impacting the lives of people in everyday life.

Economic contractions in a post-COVID-19 will lead to a decline in consumer or you can say end-user spending such as higher education payout.

Families going through financial problems or facing an uncertain economic future will be reluctant to send their children to expensive schools. University and colleges students will continue to have an incompetent online learning experience.

ECONOMIC IMPACTS OF COVID-19

❖ In May 2020, the Asian development bank stated that the novel spread of Coronavirus could cost the world economy somewhat around $5.8 and $8.8 trillion. 

❖ President of the  European Central Bank, Christine Lagarde, apprised in April 2020 that the economy of the Eurozone could reduce by as much as 12% in 2020. And in August there were more than 15 million unemployed people in the European Union.

❖ The gross domestic product for the United States according to the Bureau of Economic Analysis has decreased at an annual rate of 48% for the first quarter of 2020 and 32.9% in the second quarter. Compared to 2019, consumer spending has decreased to 10% in 2020.

❖ In the second quarter of 2020, the economy of the United Kingdom contracted to 20.4%.

❖ In the second quarter of 2020, and after almost 30 years of growth, Australia fell into a recession after its economy reduced to 7%.

❖ In August 2020, South Korea officially entered into a recession, the first time in 17 years. 

❖ It is projected that the Latin American economies will decline by 9.4% this year.

 CORONAVIRUS: PANDEMIC & THE CHANGE IN THE WORLD ECONOMY 

As we all know, the spread of the novel coronavirus; pandemic has reached and has affected the economy of almost every country on the globe.  The spread of the novel Coronavirus has left the economies and businesses counting the costs of many countries all around the globe, as the government struggles with the new measures to fight the spread of COVID-19 and the falling economy.

 ★ ECONOMIC IMPACTS SO FAR

➢ Global shares are in flux: We have seen huge shifts in the stock markets after the spread of  COVID-19.  The Financial Times Stock Exchange, the Nikkei, and Dow Jones Industrial Average all saw huge falls as the number of the novel Coronavirus cases grew in the starting months of the crisis. After the announcement of the first vaccines in the month of November, the major countries and economies such as the United States and the Asian stock market have seen to be recovered, but the Financial Times Stock Exchange is yet to recover, as it is still in negative territory. The Financial Times Stock Exchange reduced to 14.3% in the year 2020, which is said to be the worst performance since the year 2008. In support, in many countries including the UK, central banks have slashed interest rates to make borrowing cheaper and to encourage consumers, businesses, and marketers to spend, which will help boost the economy.

➢ Tough time for Job seekers: Many people have lost their job in this pandemic after the spread of the novel coronavirus. Unemployment rates have increased in many countries and economies. According to the IMF (International Monetary Fund), the proportion of people out of work marked a yearly total of 8.9% in the United States, pointing at an end to a decade of jobs expansion. In many countries, the number of new job opportunities are still very low.

➢  Countries are now in economic decline: The growing economy indicates more wealth and more job opportunities. The growth in the economy is measured by the percentage change in gross domestic product or the amount of commodities and services produced over a year. The international monetary fund evaluated the world economy to be reduced by 4.4% in 2020. China was the only major economy to grow in 2020 with a registered rate of 2.3%.

➢ Travel Industry:  The travel industry has been badly affected after the spread of the COVID-19 virus with airlines reducing flights and the customers canceling their business trips and vacations. With the spread of the coronavirus and with the discoveries of its new variants in recent days, have forced governments of many countries to implement strict rules on public safety, and to restrict foreign travel activities to avoid any further damage.

➢ Hospitality Sector: With millions of jobs and many companies going bankrupt, the hospitality sector has been hit really hard and affected the lives of millions of people worldwide. Information from Transparent- a sector-leading intelligence company that covers more than 35 million hotel and renting listings all over the globe has registered a fall in reservation in all top travel destinations. Billions of dollars have been lost in the pandemic in 2020. According to many experts and analysts, it is stated that tourism won’t return to normal until 2025.

CONCLUSION

In the above article, we have summarised events that took place during the outburst of the Novel Coronavirus and the challenges the world has to face, and how it affected the world economy? We hope you find this article informative. For any query related to the import-export trade data, feel free to connect to us at info@eximtradedata.com or visit site:https://eximtradedata.com/