U.S. Imports of Goods to Increase to $3 Trillion by 2012 Says BusinessKM Report
San Diego, CA, May 30, 2008 --(PR.com)-- America’s insatiable appetite for goods will propel imports to $2.9 trillion by 2012 according to a new study by BusinessKM titled “The U.S. Market for Imports: A Study of Goods Imported into the U.S., their Origins and Forecast to 2012.”
“The market for imports of goods into the United States is growing at an 8.4% compound annual growth rate” said Mike Turner, president of BusinessKM, “that’s the average over the last 10 years, and we project that growth rate to continue over the next five years.”
BusinessKM believes the rate will remain the same, even if the U.S. goes into recession in 2008, according to Turner, “the rate of growth of imports has been fairly constant over the last 10 years despite the dot.com boom and the post 9/11 recession”.
Importation of goods in 2007 represents 14.3% of the U.S. Gross Domestic Product, up from 10.7% in 1997. Imports for machinery and transportation and the petroleum to fuel them represent the largest portion of imports.
The Machinery and Transportation section accounts for 38% of imported goods. Road vehicles are the largest portion of this section at $212 billion in imports in 2007.
The addiction to electronics is heavily responsible for a large portion of the Machinery and Transportation section. Computer, telecommunications equipment, entertainment electronics such as televisions and video game consoles are the bulk of the electronics imported.
Mineral Fuels and Lubricants section account for another 19% with the bulk of the section being petroleum imports.
Miscellaneous Manufactured Goods account for the next largest category at 15% of imports. This category includes most non-electronic or transportation related items. This section also includes clothing and apparel which is also a significant portion of imported goods.
In addition to the mentioned sections, the report also examines the importation of:
• Food and live animals,
• Beverages and tobacco,
• Crude materials, inedible, except fuels,
• Animal and vegetable oils, fats and waxes,
• Chemicals and related products, n.e.s.,
• Manufactured goods classified chiefly by material,
• Commodities and transactions not classified elsewhere in the SITC.
The report examines only goods, not services, imported into the United States using various government sources. The source information is organized around the United Nations Standard Industrial Trade Classification System (SITC) to provide a consistent measure among source figures. The report is available only in English.
About BusinessKM: BusinessKM (pronounced Business-kay-em) specializes in Marketing Intelligence for the manufacturing and food service industries, including: Marketing Research and Data Analysis, Marketing Plans, and Plan Management. BusinessKM was incorporated as a California Corporation in 1999. For additional information please visit the website http://www.businesskm.com.
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“The market for imports of goods into the United States is growing at an 8.4% compound annual growth rate” said Mike Turner, president of BusinessKM, “that’s the average over the last 10 years, and we project that growth rate to continue over the next five years.”
BusinessKM believes the rate will remain the same, even if the U.S. goes into recession in 2008, according to Turner, “the rate of growth of imports has been fairly constant over the last 10 years despite the dot.com boom and the post 9/11 recession”.
Importation of goods in 2007 represents 14.3% of the U.S. Gross Domestic Product, up from 10.7% in 1997. Imports for machinery and transportation and the petroleum to fuel them represent the largest portion of imports.
The Machinery and Transportation section accounts for 38% of imported goods. Road vehicles are the largest portion of this section at $212 billion in imports in 2007.
The addiction to electronics is heavily responsible for a large portion of the Machinery and Transportation section. Computer, telecommunications equipment, entertainment electronics such as televisions and video game consoles are the bulk of the electronics imported.
Mineral Fuels and Lubricants section account for another 19% with the bulk of the section being petroleum imports.
Miscellaneous Manufactured Goods account for the next largest category at 15% of imports. This category includes most non-electronic or transportation related items. This section also includes clothing and apparel which is also a significant portion of imported goods.
In addition to the mentioned sections, the report also examines the importation of:
• Food and live animals,
• Beverages and tobacco,
• Crude materials, inedible, except fuels,
• Animal and vegetable oils, fats and waxes,
• Chemicals and related products, n.e.s.,
• Manufactured goods classified chiefly by material,
• Commodities and transactions not classified elsewhere in the SITC.
The report examines only goods, not services, imported into the United States using various government sources. The source information is organized around the United Nations Standard Industrial Trade Classification System (SITC) to provide a consistent measure among source figures. The report is available only in English.
About BusinessKM: BusinessKM (pronounced Business-kay-em) specializes in Marketing Intelligence for the manufacturing and food service industries, including: Marketing Research and Data Analysis, Marketing Plans, and Plan Management. BusinessKM was incorporated as a California Corporation in 1999. For additional information please visit the website http://www.businesskm.com.
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BusinessKM, Inc.
Mike Turner
858-834-4060
www.businesskm.com
Mike Turner
858-834-4060
www.businesskm.com
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