For nearly as long as there has been human civilization, there has been trade. In our collective history, humanity has shared an interest in buying and selling goods from one another. Even in modern times, international trade is one of today's hottest industries. According to the U.S. Chamber of Commerce, about 38 million jobs, or 20% of employees, in private industry, are engaged in activities related to import or export.
The world of importing and exporting includes a wide range of products that are bought, sold, and distributed throughout the world every day. Countries typically export goods and services that they can produce inexpensively and import those that are produced more efficiently somewhere else due to resources and/or technology. As the world becomes more technologically advanced, international trade has become more and more profitable. Whether you're importing or exporting, the import/export industry is big business.
The U.S. is one of the world's largest importers, accounting for nearly a third of all imports. According to the U.S. Department of Commerce, the American import industry accounts for $1.2 trillion in goods annually. The main import partners for the U.S. are China, which sends 19% of American imports, Canada (14.5%), Mexico (12%), Japan (6%), and Germany (5%).
Exporting is just as big, with American companies exporting $772 billion in merchandise to more than 150 foreign countries. Exporters are in a targeted business - less than 20% of the exporters and less than 3% of all the companies in the U.S. export to more than five markets, while half of exporters sell in just one foreign market.
There is more than one type of import/export business. Certain businesses focus just on importing or on exporting. You could be a manufacturer's representative, specializing in certain industries including everything from wholesale to grocery to housewares.
If you are considering the purchase of an import business, or selling your import business, Transworld is the go-to source to prepare your deal and meet vetted buyers or sellers. If interested in purchasing an import business, Transworld