Despite economic disruptions from COVID-19, 2021 brings optimism for global trade as U.S. imports continue to rise, according to a new report, 2021 Global Imports Report from Jungle Scout.
U.S. imports in 2021 now surpass early 2020 numbers by 33%, and annual imports are on track to be up 20% by the end of 2021.
This report explores U.S. maritime imports between 2015 and 2021 across 237 countries and all industries.
With 2021 import data for January 1 through June 30 only, 2021 imports have reached 7,570,327. If imports were equal for the second half of 2021 (July 1-December 31), annual U.S. imports would reach 15.1 million by the end of 2021, showing a significant year-over-year increase of 13% from 2020.
Additionally, imports during the second half of the year (July-December) are typically about 6% higher than imports in the first half of the year. At this rate, the U.S. could reach 16 million imports by the end of 2021 — an even more significant year-over-year increase in imports of 20%.
The trade landscape continues to be dominated by a limited number of key regions and industries. Ten countries account for 72% of the total share of imports, and three industries make up 45% of U.S. imports in 2021.
China continues to lead in share of total U.S. imports, but India, with growth of 76.1% year-over-year and Vietnam, with growth of 52.4%. In fact, countries in Asia are leading year-over-year growth in U.S. imports, sending 36% more shipments to U.S. ports in 2021 and increasing their share of U.S. imports by 2.1%.
Examining the data by top industries by share of U.S. imports results in the following:
Machinery& Electrical 20.3%
Misc. 14.5%
Textiles 10.2%
Chemicals & Allied Industries 7.3%
Plastics & Rubber 7.1%
Foodstuffs 5.5%
Stone & Glass 5.4%
Wood & Wood Products 4.8%
Vegetable Produces 4.7%
Note: The report provides details on product imports from specific countries.
COVID-19 has had a large impact on imports as well with the number of U.S. imports increasing by a third, surpassing early 2020 numbers. Growing U.S. demand is estimated to have contributed to a 9% growth in U.S. maritime imports in 2020.
