How to Find the Best Import Export Companies in USA for Your Business
If you are looking for import export companies in USA to help you with your international trade needs, you may be overwhelmed by the number of options available. How do you choose the best one for your business? Here are some tips to help you find the right partner for your import export needs.
1. Know your product and market
Before you start looking for import export companies, you need to have a clear idea of what product you want to import or export, and which market you want to target. Different products and markets may have different regulations, tariffs, logistics, and cultural preferences that affect your trade strategy. You also need to know the demand and competition for your product in your target market, and how you can differentiate yourself from other sellers.
2. Research the import export companies
Once you have a clear product and market in mind, you can start researching the import export companies that specialize in that area. You can use online databases such as ITA’s Exporter Database or U.S. Census Bureau’s Profile of U.S. Importing and Exporting Companies to find potential partners based on their size, location, products, and markets. You can also use trade associations, chambers of commerce, trade shows, and online platforms to find and connect with import export companies.
3. Evaluate the import export companies
After you have a list of potential import export companies, you need to evaluate them based on their reputation, experience, reliability, and compatibility with your business goals. You can check their websites, social media, reviews, testimonials, references, and certifications to verify their credibility and track record. You can also contact them directly and ask them questions about their services, fees, terms, and conditions. You should look for an import export company that has expertise in your product and market, offers competitive prices and quality service, has good communication skills and customer support, and shares your vision and values.
4. Negotiate the contract
Once you have selected an import export company that meets your criteria, you need to negotiate a contract that outlines the scope, responsibilities, expectations, and payment terms of your partnership. You should also include clauses that cover dispute resolution, confidentiality, liability, insurance, and termination. You should consult a lawyer or a trade specialist to help you draft and review the contract before signing it.
5. Maintain the relationship
After you have signed the contract with your import export company, you need to maintain a good relationship with them throughout the trade process. You should communicate regularly with them, monitor their performance, provide feedback, and resolve any issues that may arise. You should also evaluate the results of your trade partnership periodically and make adjustments as needed.
Finding the best import export companies in USA for your business can be challenging, but it can also be rewarding if you follow these steps. By choosing a reliable and compatible partner for your import export needs, you can expand your market reach, increase your sales, reduce your costs, and grow your business.
Trends in Import and Export Industry in the USA
The import and export industry is a vital sector of the US economy, as it facilitates the exchange of goods and services with other countries. According to the International Trade Administration (ITA), the US exported $1.43 trillion worth of merchandise in 2020, making it the second-largest exporter in the world after China. The US also imported $2.34 trillion worth of merchandise in 2020, making it the largest importer in the world. The trade deficit, or the difference between imports and exports, was $915 billion in 2020, up from $854 billion in 2019.
Top Exporting and Importing Companies in the USA
The ITA’s Exporter Database (EDB) provides annual data on the characteristics of US merchandise exporters, such as their size, location, product, and destination. According to the EDB, there were 293,000 US companies that exported goods in 2020, down from 297,000 in 2019. The majority of these exporters were small and medium-sized enterprises (SMEs), which accounted for 97.4% of all exporters and 32.9% of export value. The top five exporting companies by volume in 2020 were:
- America Chung Nam, a paper recycling company that exported 284,500 TEUs (twenty-foot equivalent units) of paper recyclables.
- International Paper, a paper packaging company that exported 248,400 TEUs of paper packaging.
- Ralison International, a paper recycling company that exported 130,100 TEUs of paper recyclables.
- Koch Industries, a conglomerate that exported 120,800 TEUs of various products, such as chemicals, petroleum, minerals, and fibers.
- International Forest Products, a paper and forest products company that exported 109,400 TEUs of paper and forest products recyclables.
On the other hand, the ITA does not provide a similar database for US merchandise importers. However, based on data from JOC, a maritime intelligence provider, the top five importing companies by volume in 2019 were:
- Walmart, the world’s largest retailer that imported 775,400 TEUs of consumer goods.
- Target, another major retailer that imported 590,300 TEUs of consumer goods.
- Home Depot, a home improvement retailer that imported 388,000 TEUs of building materials and hardware.
- Lowe’s, another home improvement retailer that imported 287,800 TEUs of building materials and hardware.
- Dole Food Company, a fruit and vegetable producer that imported 215,800 TEUs of fresh produce.
Global Demand for Import and Export Industry in the USA
The global demand for import and export industry in the USA is influenced by various factors, such as economic conditions, trade policies, consumer preferences, exchange rates, and supply chain disruptions. According to the World Trade Organization (WTO), the global trade volume contracted by 5.3% in 2020 due to the COVID-19 pandemic and its negative impact on economic activity and trade flows. However, the WTO also projected a strong rebound of 8% growth in global trade volume in 2021 as vaccination programs advance and lockdown measures ease.
The US trade performance also reflected the effects of the pandemic and its recovery prospects. According to the ITA, the US exports declined by 15.7% in 2020 compared to 2019, while imports declined by 9.5%. The top five export markets for US goods in 2020 were Canada ($255 billion), Mexico ($212 billion), China ($135 billion), Japan ($62 billion), and Germany ($50 billion). The top five import sources for US goods in 2020 were China ($435 billion), Mexico ($358 billion), Canada ($324 billion), Japan ($132 billion), and Germany ($113 billion).
The US trade policy also plays a significant role in shaping the global demand for import and export industry in the USA. Under the Biden administration, the US is expected to adopt a more multilateral and cooperative approach to trade issues than the previous administration. For instance, the US has rejoined the Paris Agreement on climate change and expressed interest in rejoining the Trans-Pacific Partnership (TPP), a trade agreement among 11 Pacific Rim countries that excludes China. The US is also seeking to resolve trade disputes with its allies, such as the European Union (EU) and Canada over steel and aluminum tariffs, and with China over intellectual property rights and market access.
References:
http://www.worldstopexports.com/united-states-top-10-imports/
http://www.businessinsider.com/balance-of-goods-us-trading-partners-from-goldman-sachs-2017-5
https://www.census.gov/foreign-trade/Press-Release/2020pr/ft900_2012.pdf
https://www.worldcat.org/issn/0099-9660
https://www.census.gov/foreign-trade/Press-Release/2020pr/ft900_2012.pdf
https://www.wto.org/
https://www.bea.gov/news/2021/us-international-trade-goods-and-services-2020
https://www.trade.gov/ita-us-exporters-database-home
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