America’s fastest-growing major trading partner over the past decade has not been Vietnam; Its expansion rate has been 365. 23%. It wasn’t even an Asian country, even though three other countries (Cambodia, Taiwan, and Singapore) were. in the 10 most sensible.
The fastest-growing trade partner for U.S. imports over the last decade is a relatively new country, one of five countries borne of the breakup of the former Yugoslavia and the Soviet Union. The country is Slovakia, which has seen the value of its imports into the United States surge 366.46%, enough to barely nudge out Vietnam.
Last week, I wrote about the fastest growing export partners and implemented the same method I’ve implemented here. I wrote a similar article about America’s fastest-growing “ports,” whether it’s an airport, seaport, or border crossing. .
For this post, I started with the top 50 import partners by the value of their imports, which accounted for better than 96% of all imports through the first 11 months of 2023. That’s the most recent data available from the U.S. Census Bureau. I then calculated the growth rate for those 50 when compared to the first 11 months of 2013.
In addition to Slovakia, two other nations that were behind the former Soviet Union’s Iron Curtain, Hungary and Poland, also made the top 10. Ireland and Turkey are the other two European nations among the top 10, a total of five. That’s one more than represents Asia. The final member of the group is the United Arab Emirates.
Three countries made both this list and the list of the fastest-growing U.S. export markets — Vietnam, Ireland and Poland — which seems particularly impressive, though the United States’ trade with Vietnam and Ireland are particularly imbalanced in favor of imports.
Although those 10 uploading countries have seen the fastest expansion in the last decade, they are not the largest.
In fact, those 10 countries accounted for just 12. 69% of all U. S. imports in the first 11 months of 2023, which is less than the price of Canada’s imports alone. Mexico, China and Canada together accounted for 43%.
Three of them are the main importing partners of the United States: Vietnam, Taiwan and Ireland.
The following is data on the 10 countries: their most sensitive imports to the U. S. and the major airports and seaports that handle those shipments. They are ranked from fastest to tenth fastest.
Ten years ago, Slovakia ranked 66th in terms of content downloads from the United States. In the first 11 months of 2023, it ranked 42nd, an increase of 24 positions. It only entered the 50th spot out of the top 50 in 2022.
His fame? Manufacture of motor vehicles. Volkswagen, Kia Motors, PSA (Citron and Peugeot) and Jaguar Land Rover produce in this country of five million people, which produces more cars per capita than any country in the world. Passenger cars accounted for 78% of U. S. imports from the U. S. country through November, with an additional 7% coming from rubber tires, motor vehicle parts, power supplies, and the driveshafts, bearings and gears category.
The three main seaborne ports for imports from Slovakia are the Port of Baltimore, the Port of Houston, and the Port of Jacksonville. These three accounted for almost 42% of all imports from Slovakia.
Vietnam’s story is better known than most of the countries on this list because of its role as an outlet for China’s rampant expansion of manufactured goods imports since its accession to the World Trade Organization at the turn of the century. Vietnam is the United Unidos. Es China’s seventh-largest importing partner, with an increase of 27 positions since 2003.
The main imports from the United States are mobile phones and similar parts; computers, furniture, and spare parts; solar panels; and seats. These countries account for about 38% of all Vietnamese imports.
The main ports of access are the Port of Los Angeles, Chicago O’Hare International Airport, the Port of Newark, the Port of Long Beach and the Dallas-Fort Worth International Airport. These five countries account for approximately 57% of all imports. from Vietnam.
Cambodia was the third nation among the top 50 import partners to experience growth in excess of 300% over the last decade. Its 316.37% growth from the first 11 months of 2013 to the same period last year, allowed it to advance from ranking as the United States’ 63rd most important import partner by value in 2003 to No. 35, a jump of 28 positions.
Like Vietnam before it, Cambodia is attracting manufacturing that was once done in China, some of which left because of the U.S.-China trade war and some which had left earlier, as China began focusing on higher-end manufacturing.
China’s five most sensible imports are solar panels, handbags and wallets, sweaters, lamps and lighting items, and women’s pants and suits, and they accounted for the largest share of the price of all imports.
The Port of Los Angeles is credited with approximately 38% of Cambodia’s imports, while the Port of Newark and the Port of Savannah account for 24%.
Eight of the ten most sensible countries surpassed $10 billion in U. S. imports in the first 11 months of 2023, with Hungary being eighth. It narrowly missed a 200% increase over the decade, to 196. 48%. In 2013, it ranked 49th in terms of the price of its imports to the United States. It is now ranked 36th.
Hungarian imports to the United States are largely high-tech manufactured goods. Single-dose drugs, basically pills, accounted for 26% of the total through November, followed by passenger vehicles, electric batteries, computers and aircraft engines and spare parts. These five countries alone accounted for more than 55% of all Hungarian imports to the United States.
Chicago’s O’Hare International accounted for 16. 33% of all Hungarian imports in 2022, but this percentage increased to 25. 90% last year, thanks to the sharp rise in the pharmaceutical sector. It is followed by four seaports: Newark, Charleston, Baltimore, and Los Angeles. These five accounted for 54. 66% of last year’s total.
The Middle Eastern country on this list is the United Arab Emirates, whose imports to the United States increased by 190. 76% between the first 11 months of 2013 and the same period last year. moved from the 65th position among countries that upload U. S. files to the U. S. The U. S. ranks 46th.
Compared to the two most sensible U. S. importing partners in the Middle East in terms of the price of those imports and rates of expansion, inbound shipments from Saudi Arabia fell 68. 35% from 7th to 27th place, on a basis of 7. 69%. from the 21st to the 23rd, largely due to a relocation of the diamond industry to India.
Poland’s imports to the United States have increased by 169. 71% in the last decade, and the country has climbed more positions among the most sensible American importers in this era than at any other time: up to 29, from 62 to 33.
As with other fast-growing trading partners of the former Soviet bloc, the United States’ main imports are largely high-end manufactured goods: airplane engines and parts; electric batteries, synthetic knees and hips; Motor vehicle parts and medical devices. These five countries accounted for 27. 1% of all imports via price in the first 11 months of 2023.
Three of the top five ports of entry for Polish imports are concentrated around New York City: the Port of Newark with 14. 69%, JFK International Airport with 9. 18%, and Newark Liberty International with 7. 29%. The Port of Charleston comes in second with 9. 70%. % and the Port of Virginia ranks fifth with 6. 59%.
Ireland, along with Poland and Vietnam, is on the lists of the fastest-growing export markets and import sources. One distinction: Ireland’s exports and imports are governed by one category (prescription drugs), while exports and imports of the other two are much smaller. similar. Poland’s imports to the United States increased by 157. 58%, its ranking as an importing country remained unchanged. It remained at No. 10.
Ireland’s highest-value import (and export) to the United States is the category of vaccines, plasma, and other blood fractions. On the import side, they make up 27% of the price, followed by single-dose medicines with 16%, heterocyclic chemical compounds (often pharmaceutical precursors) with 9. 1% and the insulin, hormones and steroids category with 8. 9%. These four accounted for 61% of the price of all U. S. imports from Ireland.
The four main ports for those entries are four airports, as befits a predominantly pharmaceutical, high-priced, low-weight shipment. O’Hare International accounted for 35. 52% of all imports, up from 20. 10% in 2015. Hartsfield-Jackson Atlanta International Airport currently ranked 6. 68 percent, followed by San Juan International Airport (6. 54 percent) and Newark Liberty International Airport (6. 06 percent).
Taiwan, which just hosted elections last week that are expected to trouble China, was the United States’ eighth-fastest growing import partner over the last decade, with those inbound commodities increasing 132.19%. As was the case with Ireland, despite the large increase, its rank among nations importing into the United States went unchanged, at No. 8.
Its top four imports into the United States — computers, computer parts, computer chips, and cell phones and related parts — accounted for just under 50% of all Taiwanese imports last year.
Although the high-value industry relies heavily on air cargo, the Port of Los Angeles, which plays such a dominant role in the US industry with Asia, is the main gateway for Taiwanese imports at 16. 7% . However, this percentage is down 31% compared to 2015, with the majority of this market share through San Francisco International Airport, from 5. 14% to 14. 14% in this period; O’Hare International, from 4. 12% to 8. 76%; and, to a lesser extent, Los Angeles International, from 5. 98% to 8. 48%.
Turkey, a country straddling Europe and Asia but a member of the European Union, increased its imports to the United States by 130. 69% between the first 11 months of 2013 and the first 11 months of 2023. Its prestige as an exporting country The country entering the United States has risen from 41st to 30th place.
Unlike many countries on this list, Turkey does not have a dominant import. Until November last year, the most valuable imports were carpets and artificial textiles, but they accounted for only 4. 7% of the total. The five most sensible imports were finished through fine petroleum, cement, motor vehicle parts, and jewelry and spare parts. These five countries accounted for only 17. 5% of all imports.
Two seaports dominate Turkish imports: the Port of Newark, with 25. 67%, and the Port of Savannah, with 11. 84%, either of which has a higher market share as the Turkish import industry expands. It has been evolving in recent years.
Singapore, a small island city-nation and largely an Asian transshipment hub, rounds out the ranking of the top 10 fastest-growing cargo trading partners over the past decade, recording growth of 129. 80%. While most of the countries on this list advanced while advancing their ranking among countries uploading videos from the U. S. , they did not have the upper hand in the U. S. In the U. S. , Singapore lost one, falling from 16th to 17th place.
The top imports to the U. S. are from Ireland: vaccines, plasma, and other blood fractions lead with 16 percent, though the five most sensible also come with heterocyclic compounds and single-dose drugs.
Chicago’s O’Hare International Airport and Hartsfield-Jackson Atlanta International Airport accounted for less than 8% of all imports from Singapore in 2015. In 2023, both accounted for more than 30%. The Port of Savannah ranks third in terms of imports from Singapore, followed by two other airports, Orlando International and Los Angeles International. These five countries accounted for 51. 18% of all imports. In 2015, those same five accounted for 18. 25%.