Since 1995, the value of global trade has increased almost fivefold, falling slightly short of the peak recorded in 2022. Currently, 10 countries account for imports worth 12.4 trillion dollars, more than half of the global total.
From the US to India, the world’s main importers are characterised by robust economies and significant consumer markets. Factors such as business investment, disposable income and exchange rates also play an important role in the dynamics of imports.
In 2023, the US imported 3.2 trillion dollars worth of goods, making it the largest importer globally.
Due to its vast consumer base and advanced economy, the US is the world’s largest importer of many product categories, including cars, electronic products, industrial machinery and pharmaceuticals.
Mexico, the US’s main trading partner, supplies many of these products, while Canada is a key supplier of crude oil, natural gas and other resources.
Recently, President-elect Donald Trump announced plans to impose a 25 per cent tariff on imports from Mexico and Canada through executive action on his first day in office.
If implemented, this policy could significantly increase costs for businesses and consumers on both sides of the border.
