US IMPORT DATA

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GLOBAL MARKET OF AUTOMOBILE SECTOR BIGGEST
INDUSTRY IN THE WORLD

• The global automobile sector or industry consists
  of various companies and departments involved in
  various activities like designing, development,
  RD, marketing, and selling. The automobile
  sector is considered the biggest industry in the
  world regarding revenue generation. On the other
  hand, this industry demands investment in RD as
  customers nowadays have varied choices and tastes
  that keep on changing frequently.
• Everything was going smoothly till the time Covid
  19 struck the world and the automobile industry.
  Since the advent of this pandemic, the industry
  is facing a lot of trouble in expanding itself.
  Due to the shortage of semiconductor chips,
  almost 11 million vehicles were cut from
  production in the year 2021.

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CAR MARKET OF USA - 2020

• In the year 2020, the total trade of cars was
  nearly USD 645 billion, making it the
  second-largest traded product in the world. The
  largest importer was the United States amounting
  to USD 144 billion of imports.
• Cars were the favorite product that was imported
  by the USA the most. The USA not only imported
  cars from some nations, but as per US Import Data
  for the year 2020, the country imported cars from
  numerous nations. Some of the largest
  contributors were
• Japan (USD 32.56 billion)
• Canada (USD 30 billion)
• Mexico (USD 29.12 billion)
• South Korea (USD 16.15 billion)
• Germany (USD 15.3 billion)
• The US fastest growing markets, as per the US
  Import Data 2019-20 were Slovakia, Sweden, and
  South Africa.

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CURRENT ANALYTICS OF US CAR IMPORTS OCTOBER
2022

• In the month of October 2022, the imports of cars
  exceeded the total car exports in the USA. This
  means that the demand for cars in the nation is
  very huge as compared to the total production.
  According to the US Import Data for that month,
  we see the country imported cars worth USD 15.5
  billion. As compared to October 2021, the imports
  rose by 39 (USD 4.35 billion).
• In October 2022 also, the US Import Data presents
  the major import partners of the country. they
  are as follows
• Mexico (USD 3.3 billion)
• Japan (USD 3.083 billion)
• Germany (USD 2.21 billion)
• South Korea (USD 2.14 billion)
• Canada (USD 1.75 billion)

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FINAL VERDICT QUICK TIP

• FINAL VERDICT
• In the end, the only point to mention is that the
  imports of cars and other automobiles are going
  to expand in the future due to the rising
  population and demands of the people. The tastes
  and preferences of every person are not the same,
  hence the variety of products would be imported
  in the future by the US. Despite the slowdown in
  the pandemic period, the automobile industry is
  all set to resume again. The US Import Data would
  see a rise in car imports soon.
• QUICK TIP
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