US Imports Hit Fresh Record High
Imports to the United States increased 0.6 percent from the previous month to a new all-time high USD 288.5 billion in September of 2021, led by higher purchases of capital goods (up USD 2.5 billion), in particular computers and electric apparatus. Imports also rose for organic chemicals (up USD 0.9 billion) and passenger cars (up USD 1.7 billion). On the other hand, purchases of consumer goods decreased by USD 0.1 billion and imports of services went down by USD 0.2 billion.
US personal spending jumped 1.3% in October of 2021, higher than a 0.6% rise in September and beating market forecasts of 1%. It is the 5th consecutive gain and the biggest increase in 7 months, as American consumers continue to spend more amid large pay increases and despite rising prices. Gains in October were led by both goods and services, namely spending on motor vehicles and parts and international travel.
source: U.S. Bureau of Economic Analysis
The United States is the world’s second biggest importer. Main imports are: capital goods (22 percent) and consumer goods (21 percent). Others include: automotive vehicles, parts and engines (12 percent) and foods, feeds and beverages (5 percent). Shipments from China represent 21 percent of the total imports followed by Mexico (14 percent), Canada (13 percent), Japan (6 percent), and Germany (5 percent).