US IS UNFRIENDING IMPORTS - US IMPORT DATA FALLS FOR THE FIFTH TIME

 THE ONLY BALANCE OF PAYMENTS GUIDE YOU'LL EVER NEED

Balance of Payments (BoP) is the name given to the record that Is maintained by each country to judge its financial and economic health after every fiscal year or at any set interval. The major things that are included in this report are the transactions that are made by companies, governments, or individuals outside the country’s borders. The main benefit of maintaining this record is that one can keep a proper eye on the cash flow of the country and as per the situation takes necessary actions and develop policies.

The major insight that every importer and exporter wants to know about any country before associating with it is the current level of money with that country. In simple terms, it is meant to check the surplus or deficits that a country is holding at a particular span of time. In the case of deficits, it is evident that country is having more imports as compared to exports and vice-versa. It also means that the assets of a particular country are in abundance.

WHY US IMPORT DATA IS FALLING

Inflation is the condition in which the prices of goods and services keep on rising which causes trouble to the pockets of the public. Every country tries to its full potential to eliminate the inflation rate. For the same cause, the US is also striving hard. To eliminate inflation in the country, the US is reducing its imports to narrow down the trade deficits in the country, as a result, US Import data is also showing a declining trend.

It has been forecasted that trading will contribute to the GDP in the third quarter. As per the US Import Data statistics, the trade deficit has been narrowed down by almost 3 percent to USD 87.2 billion in the previous month. It was also stated in the US Import Data that there was a drop of 7% in imports of petroleum and other industrial supplies.

Retail industries of the nation were given a boost when there was a gradual increase in the imports of eatables, automobiles, and other related goods of about 3.5%. It helped the inventories to stock up and play a crucial role in the current situation. This area has helped to maintain the US Import Data to some extent.

If we talk about the major imported commodities in the US, then according to the US Import Data for the month of June 2022, it imported the following commodities the most.

·        Crude/rough oil ($20 billion)

·        Four-wheelers, especially cars ($12.5 billion)

·        PCs ($11.3 billion)

·        Telephones or landlines ($10 billion)

·        Other miscellaneous commodities ($9.80 billion)

These commodities are experiencing a shortfall in their imports as per US Import data. Only petroleum is having a positive import trend currently.

OUR VERDICT

As we came across the biggest evil of any country’s economy i.e., inflation we saw how the US economy is fighting against it by making some good tactics and using techniques to reduce the gap between total imports and exports and as a result, reducing imports. It’s been the 5th time since the US experienced a decline in its imports in August. What we suggest to our traders and marketer friends is that it is not the right time to target the US market because after studying the US Import Data it is evident that it will be reducing its imports more in the coming months to eliminate inflation in the market.

Still, if you are keen on doing trade with the US market, then wait for some months till the situation gets better there and keep analyzing the US Import Data and when it starts showing a positive trend, hit the bullseye and extract as many profits as much as you can.

TIP THAT YOU CAN’T RESIST

If you want further analysis and the best advice about US Import data or global trade data of any country and want to become a champion, then get in touch with TradeImeX® Info Solution Private Limited. We are one of the leading companies when it comes to providing data about international trade. TradeImeX® Import-export data provider strives to deliver accurate global trade data to people. We deal in providing best-in-class advice in identifying the potential market as per the products and services.

Comments

  1. AnonymousJanuary 23, 2023 at 11:23 PM

    TradeImeX Info Solution Pvt Ltd has brought to you the most interactive, reliable, and accurate Import Export Data from more than 70 countries. Every trader or marketer who performs overseas trade looks for precise of the country with whom he or she is planning to trade. It becomes necessary that the Import Export Data provided to the trader should be accurate and genuine.

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