Doing Business in the USA: What are the Latest Market Trends?

A GDP of $17.42 trillion and a working population of close to 122 million with a mountain of resources at its disposal, the USA is an incredibly powerful nation. Its economy is the largest in the world by far, representing over a fifth of the global economy, and some of the nation’s biggest industries possess a GDP that would put them higher than many countries.

 

It’s no surprise then that the USA ship well over $1.5 trillion worth of goods and products around the world each year in exports, so important is the USA to the world’s economic health. There are many oversubscribed markets but, as it is known as the land of opportunity, break America and your company could become a huge success.

 

Major American Industries

Air and Spacecraft

Home to American aerospace production companies including Lockheed Martin, Boeing, United Technologies and more, the USA produces the highest amount of air and spacecraft in the world, annually exporting around $131.1 billion. Its two main buyers are of course NASA and the Department of Defense at home, though it makes up the third highest export sector for the USA. Given the country’s huge size, there’s plenty of room for developing such incredible machines.

 

Collector Items

Collector items are the second fastest-growing US export industry, even though it only accounts for around $11 million worth of shipments. Expensive artworks and antiques are the main factors driving this industry. As the USA is home to more than 10 million millionaires and rising, the market is presumably increasing due to a lot of imports and exporting of such valuable items.

 

Electronic Equipment

The second largest export market in the USA is that of electronic equipment, with $169.8 million making up just over 11% of the country’s exports each year. World-leading companies such as Microsoft and Apple were all formed and are still based in the USA. Along with many others, they have created universally popular products which have a global customer base and high value per item.

Healthcare

Unlike the UK, there is no NHS in America. For this reason the healthcare industry is massive and continuing to grow, experiencing a 135% increase from 2010 to the end of 2013. During that period it also brought in around $22 billion, made up of everything from healthcare services to pharmaceutical drugs and other products.

 

Machinery

The machinery export market is the most lucrative in the USA, making up 13.7% of the country’s exports at a massive value of $205.8 billion. The USA has a rich industrial history, creating everything from factory machines that are shipped out all over the world as well as some for domestic use. Weapons, engines, agricultural machines and more make up the sector.

 

Oil

Oil and gas production in the USA has increased dramatically in the last half decade or so, leading to $106.1 billion of oil exports from the country. Fracking and other technological advancements have helped it overtake Russia and Saudi Arabia in the table of world oil producers, while strides are being made in the renewable energy sector too.

Vehicles

General Motors, Ford and Chrysler are just some of the world famous car manufacturers from the USA. Around $127.1 billion of vehicles are exported annually from the USA to the rest of the world, with the Ford Focus the UK’s most popular car. There are also plenty of shipbuilders, train, tractor and other vehicle production companies across the country.

 

The Future of US Business

The USA’s diverse landscape means there are many different ways it can grow and change in the coming years. There is little danger of it falling from the top of the world’s economy tree, with technology bound to increase and advance as places like Silicon Valley continue to boom. In 2015 some of the fastest growing industries were manufacturing, aircraft, food products, arms, railway equipment, pharmaceuticals and more.

 

If you run a business that is interested in importing from or exporting to the USA, then our importing and exporting shipping services to USA will be of use. We have a great delivery network in place for getting parcels to and from both sides of the Atlantic Ocean.