How much does the United States import each year and what business opportunities are there for Latino entrepreneurs?

Imports of goods to the US amounted to $2.8 trillion in 2021, compared to $1.8 trillion for exports. A business opportunity for Latino entrepreneurs who want to enter the US market?

It was recently published by the US Census Bureau and the US Bureau of Economic Analysis, the value of US imports of goods in 2021. The interesting thing about analyzing these figures is to see how US imports have exceeded exports, and 2021 was no exception.

‍During this year, imports of goods in the US amounted to 2.8 trillion dollars, compared to 1.8 trillion dollars in exports, an opportunity for entrepreneurs who wish to do business in the American giant. Not surprisingly, Mexico ranks second in the countries that export the most to the US with $145.1 million dollars.

Below we will look at the top 10 importing states, by total merchandise value in the US.

These 10 states alone account for 64.5% of all imports into the United States, with a total of $1.8 billion dollars a year.

‍California, the top US importer, received more than $470 billion worth of goods in 2021, that compared to one of the countries, if not the most powerful in the Latin American region, Brazil, which imported $219.39 billion dollars, is not even half of the most powerful state in the United States, and that, according to the Agencia Brasil, this figure corresponds to a historical record, since the country with the largest area in the region imported 38.2% more than in 2020.

Now, the question is, which are the countries that export the most to the United States? and if these statistics represent a business opportunity for Latin American entrepreneurs.

These figures allow us to conclude, first: almost half of the export partners of US companies are Asian; China is of plenty the largest source of US goods, accounting for 17% of all US imports. Second, the strong economic ties and trade agreements between Mexico and Canada place these countries in second and third place, respectively.

This means that proximity is not a determining factor for exporting to the United States. According to the US Census Bureau, both industrial supplies and materials, as well as crude oil, experienced some of the most notable increases in terms of imports, this represents an important business opportunity for entrepreneurs who want to enter one of the largest markets in the world.

We recently wrote a blog about the fashion sector: a business opportunity for Latin American industrialists, where we raise some important items if you are going to import or export from or to the United States.