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Petroleum, information services and transportation are just some of the products that the United States imports the most each year. What opportunities does this represent for Latin American businessmen?
Many Latin American and Caribbean countries are major exporters thanks to their abundant natural resources. According to data from the Observatory of Economic Complexity (OEC), soy and its derivatives are the main export product in countries such as Brazil, Argentina and Paraguay.
In 2020, for example, according to Statista data, copper was the most exported product for Peru and Chile, while oil was the most exported product for Ecuador, Colombia and Venezuela. The latest data published by ECLAC, ensures that in 2017, total exports from Latin America and the Caribbean reached US$978,632 million.
Now that we have seen the main products exported from Latin American countries, let's take a look at the main products imported by the United States by state.
According to the Visual Capitalist portal in 2021, the United States brought in goods worth approximately USD $2.83 trillion from its various international trading partners, including, of course, some Latin American countries. According to the US Census Bureau, Mexico is in second place in this ranking with a total share of USD $145.1 million, that is, 13.8% of all imports made by the American giant in 2021.
But what is the product or service that the United States imports the most? According to the US Census Bureau, petroleum is the most popular import in 12 states, making it the most common import across the country. By 2021, about 72% of imported petroleum was crude oil, which would then be converted into working capital, as crude oil is refined and converted into a product such as gasoline, jet fuel and diesel.
It is evident the diversity of products that the U.S. giant imports every year. This has to do with the economic openness of a country that understands that this diversity in the market and economic strength is due to the labor force, not only of Americans, but of Latin Americans, and additional foreign companies that have found in this economy a good business opportunity.
In PRODEZK we teach you not only how to open a company and start doing business in the United States, but also how to identify, according to your business model, in which state you can start your business and strengthen your company in the largest and most diverse market in the world.