U.S. Steel Foundry Imports

In July 2023, after two months of growth, there was significant decline in supplies from abroad of steel foundries (except investment), when their volume decreased by -9.4% to 5.7K tons. Over the period under review, imports recorded a slight decrease. The pace of growth was the most pronounced in June 2023 with an increase of 20% m-o-m.

In value terms, steel foundry imports contracted modestly to $29M (IndexBox estimates) in July 2023. The total import value increased at an average monthly rate of +1.0% over the period from July 2022 to July 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The pace of growth appeared the most rapid in November 2022 when imports increased by 17% against the previous month. As a result, imports reached the peak of $32M. From December 2022 to July 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (2K tons), India (1.4K tons) and Brazil (823 tons) were the main suppliers of steel foundry imports to the United States, together accounting for 73% of total imports.

From July 2022 to July 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($6.5M), India ($5.8M) and Brazil ($4.6M) were the largest steel foundry suppliers to the United States, together accounting for 59% of total imports.

Among the main suppliers, Brazil, with a CAGR of +8.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In July 2023, the steel foundry price amounted to $5,039 per ton (CIF, US), with an increase of 6.4% against the previous month. Over the period from July 2022 to July 2023, it increased at an average monthly rate of +2.1%. The most prominent rate of growth was recorded in November 2022 an increase of 28% against the previous month. Over the period under review, average import prices attained the peak figure at $5,062 per ton in May 2023; however, from June 2023 to July 2023, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($13,455 per ton), while the price for China ($3,260 per ton) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Argentina (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform  

Urea, a widely used fertilizer around the world, has a significant market potential in the United States. With a large and growing agriculture industry, the demand for urea is continuously increasing. However, entering a new market can be a complex process, requiring careful planning and execution. In this guide, we will provide you with a step-by-step strategy for a successful market entry into the United States, along with official data sources and help from authorities.

Step 1: Market Research

Before entering the U.S. market, it is crucial to conduct thorough market research to understand the demand, competition, and market dynamics. To gather market intelligence, we recommend utilizing the IndexBox market intelligence platform, which provides comprehensive data and analysis on the U.S. urea market.

According to the data from the IndexBox platform, the consumption volume of urea in the United States reached 11.565 million tons in 2022. This indicates a significant market opportunity for urea manufacturers and suppliers.

Step 2: Understanding the Import Market

As a newcomer to the U.S. market, it is necessary to understand the import trends and the competitive landscape. According to the IndexBox data, the import value of urea in the United States was $6.16 billion in 2022.

The import price of urea in the United States in 2022 was $0.618 per kilogram, indicating the average price at which urea is imported into the country.

Furthermore, the top five countries in terms of import value for urea in the United States in 2022 were Qatar ($680.175 million), Oman ($519.738 million), Russia ($457.445 million), Canada ($363.168 million), and Saudi Arabia ($346.922 million). Understanding the market shares of these countries can help in formulating a competitive strategy.

Step 3: Market Entry Strategy

Based on the market research conducted and the data from the IndexBox platform, we recommend the following steps for a successful market entry strategy:

1. Identify Target Customers:

Segment the market based on the target customer base. Urea is predominantly used in agriculture, so identifying farmers, agricultural cooperatives, and agribusinesses as target customers would be essential. Research the regions with high agricultural activity and align the marketing efforts accordingly.

2. Competitive Pricing:

Estimate the optimal price point for urea based on the import price data and competitive analysis. Consider factors such as quality, packaging, and transportation costs to ensure competitive pricing.

3. Distribution Network:

Establish a robust distribution network by partnering with local distributors or setting up direct sales channels. This will ensure efficient delivery of urea to customers across various regions in the United States.

4. Branding and Marketing:

Invest in branding and marketing efforts to differentiate your urea product from competitors. Highlight the quality, sustainability, and specific benefits of your product to attract customers. Leverage digital marketing tools and platforms to reach a wider audience.

5. Regulatory Compliance:

Ensure compliance with all regulatory requirements for importing and selling urea in the United States. Familiarize yourself with the necessary permits, certifications, and labeling requirements to avoid any legal issues.

Step 4: Seek Assistance from Authorities

The United States has various government agencies and organizations that can provide assistance and guidance to businesses entering the market. The U.S. Department of Agriculture (USDA) and the Foreign Agricultural Service (FAS) are crucial resources for information on market opportunities, trade policies, and regulations in the agriculture sector. Connect with their representatives to seek advice and support for your market entry.

Step 5: Participate in Trade Shows and Exhibitions

Trade shows and exhibitions provide excellent platforms to showcase your urea product, connect with potential customers, and network with industry professionals. Here are some notable trade shows and exhibitions related to the agriculture industry in the United States:

• World Ag Expo, Tulare, California
• National Farm Machinery Show, Louisville, Kentucky
• Mid-America Trucking Show, Louisville, Kentucky
• American Seed Trade Association (ASTA) Vegetable & Flower Seed Conference, Orlando, Florida
• Produce Marketing Association (PMA) Fresh Summit, Various Locations

Participating in these events can provide valuable exposure and opportunities for business development.

Conclusion

Entering the U.S. market for urea requires a well-planned market entry strategy backed by thorough research and analysis. By utilizing the IndexBox platform for market intelligence, understanding import trends, and seeking assistance from authorities, businesses can position themselves for success in this lucrative market. With a comprehensive strategy, competitive pricing, and effective marketing efforts, urea producers and suppliers can capture a significant share of the growing demand in the United States.

Source: IndexBox Market Intelligence Platform  

U.S. Refrigerator and Freezer Imports

In July 2023, after six months of growth, there was significant decline in overseas purchases of refrigerators and freezers, when their volume decreased by -5% to 1.6M units. Over the period under review, imports continue to indicate a mild shrinkage. The growth pace was the most rapid in May 2023 when imports increased by 14% month-to-month. Imports peaked at 2M units in July 2022; however, from August 2022 to July 2023, imports remained at a lower figure.

In value terms, refrigerator and freezer imports expanded notably to $730M (IndexBox estimates) in July 2023. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when imports increased by 21% against the previous month. Over the period under review, imports hit record highs at 799M units in July 2022; however, from August 2022 to July 2023, imports stood at a somewhat lower figure.

Imports by Country

China (750K units), Mexico (519K units) and South Korea (134K units) were the main suppliers of refrigerator and freezer imports to the United States, together accounting for 88% of total imports.

From July 2022 to July 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +0.2%), while imports for the other leaders experienced a decline.

In value terms, Mexico ($365M) constituted the largest supplier of refrigerator and freezer to the United States, comprising 50% of total imports. The second position in the ranking was taken by South Korea ($180M), with a 25% share of total imports. It was followed by China, with a 13% share.

From July 2022 to July 2023, the average monthly growth rate of value from Mexico was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: South Korea (+1.2% per month) and China (-3.7% per month).

Imports by Type

Combined refrigerators-freezers (942K units) and household refrigerators and freezers (not combined) (655K units) were the main products of refrigerator and freezer imports to the United States.

From July 2022 to July 2023, the most notable rate of growth in terms of purchases, amongst the major product types, was attained by combined refrigerator-freezer (with a CAGR of -1.6%).

In value terms, combined refrigerators-freezers ($627M) constituted the largest type of refrigerator and freezer supplied to the United States, comprising 86% of total imports. The second position in the ranking was taken by household refrigerators and freezers (not combined) ($103M), with a 14% share of total imports.

Import Prices by Country

In July 2023, the refrigerator and freezer price amounted to $457 per unit (CIF, US), growing by 12% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.1%. The growth pace was the most rapid in September 2022 an increase of 12% m-o-m. Over the period under review, average import prices attained the peak figure at $528 per unit in March 2023; however, from April 2023 to July 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was South Korea ($1,337 per unit), while the price for China ($128 per unit) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by South Korea (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform  

U.S. Data Storage Device Import Price in July 2023

In July 2023, the data storage device price amounted to $190 per unit (CIF, US), approximately mirroring the previous month. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in September 2022 an increase of 15% m-o-m. Over the period under review, average import prices reached the peak figure at $250 per unit in October 2022; however, from November 2022 to July 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In July 2023, the country with the highest price was Thailand ($145 per unit), while the price for China ($66.4 per unit) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.3%), while the prices for the other major suppliers experienced a decline.

U.S. Data Storage Device Imports

In July 2023, supplies from abroad of data storage devices decreased by -15.9% to 2.6M units, falling for the second consecutive month after two months of growth. In general, imports continue to indicate a pronounced decline. The growth pace was the most rapid in February 2023 with an increase of 28% against the previous month. Over the period under review, imports attained the peak figure at 5.2M units in August 2022; however, from September 2022 to July 2023, imports failed to regain momentum.

In value terms, data storage device imports declined remarkably to $502M (IndexBox estimates) in July 2023. Over the period under review, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in April 2023 with an increase of 19% month-to-month. Imports peaked at 1.1B units in October 2022; however, from November 2022 to July 2023, imports stood at a somewhat lower figure.

U.S. Data Storage Device Imports by Country

In July 2023, Thailand (1.8M units) constituted the largest data storage device supplier to the United States, accounting for a 67% share of total imports. Moreover, data storage device imports from Thailand exceeded the figures recorded by the second-largest supplier, the Philippines (280K units), sixfold. The third position in this ranking was held by China (251K units), with a 9.5% share.

From July 2022 to July 2023, the average monthly rate of growth in terms of volume from Thailand amounted to -4.8%. The remaining supplying countries recorded the following average monthly rates of imports growth: the Philippines (-4.2% per month) and China (-5.6% per month).

In value terms, Thailand ($254M) constituted the largest supplier of data storage device to the United States, comprising 51% of total imports. The second position in the ranking was held by the Philippines ($24M), with a 4.9% share of total imports. It was followed by Taiwan (Chinese), with a 4% share.

From July 2022 to July 2023, the average monthly rate of growth in terms of value from Thailand totaled -6.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: the Philippines (-9.1% per month) and Taiwan (Chinese) (-2.4% per month).

Source: IndexBox Market Intelligence Platform 

U.S. Jewelry and Silverware Imports

In July 2023, the amount of jewelry and silverware imported into the United States was estimated at 293K tons, increasing by 4% against the month before. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in January 2023 when imports increased by 442% against the previous month.

In value terms, jewelry and silverware imports amounted to $3.4B (IndexBox estimates) in July 2023. Over the period under review, imports, however, saw a mild downturn. The pace of growth appeared the most rapid in May 2023 when imports increased by 42% against the previous month. As a result, imports attained the peak of $5.2B. From June 2023 to July 2023, the growth of imports remained at a lower figure.

Imports by Country

India (94K tons), Israel (73K tons) and China (21K tons) were the main suppliers of jewelry and silverware imports to the United States, with a combined 65% share of total imports.

From July 2022 to July 2023, the biggest increases were in Israel (with a CAGR of +28.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry and silverware suppliers to the United States were India ($873M), Israel ($461M) and China ($218M), with a combined 45% share of total imports.

Israel, with a CAGR of -0.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In July 2023, the jewelry and silverware price stood at $11,660 per ton (CIF, US), reducing by -3% against the previous month. Overall, the import price continues to indicate a abrupt downturn. The pace of growth was the most pronounced in April 2023 an increase of 22% m-o-m. The import price peaked at $71,225 per ton in October 2022; however, from November 2022 to July 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Hong Kong ($16,337 per ton), while the price for Belgium ($6,280 per ton) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by China (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

U.S. Machine Tool Imports

In June 2023, purchases abroad of machine tools decreased by -3.9% to 33K tons, falling for the second consecutive month after two months of growth. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 with an increase of 17% month-to-month.

In value terms, machine tool imports rose sharply to $735M (IndexBox estimates) in June 2023. The total import value increased at an average monthly rate of +1.1% from June 2022 to June 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain months. The growth pace was the most rapid in November 2022 when imports increased by 13% m-o-m.

Imports by Country

China (6.9K tons), Japan (5.8K tons) and Taiwan (Chinese) (3.5K tons) were the main suppliers of machine tool imports to the United States, together comprising 49% of total imports. These countries were followed by South Korea, Italy and Germany, which together accounted for a further 26%.

From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($161M), Germany ($135M) and Italy ($75M) appeared to be the largest machine tool suppliers to the United States, together comprising 51% of total imports.

Italy, with a CAGR of +4.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In June 2023, the machine tool price amounted to $22,152 per ton (CIF, US), rising by 12% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +2.0%. The growth pace was the most rapid in September 2022 an increase of 15% month-to-month. The import price peaked at $23,085 per ton in December 2022; however, from January 2023 to June 2023, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($48,611 per ton), while the price for India ($6,087 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Germany (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform 

U.S. Sausage Exports

In June 2023, overseas shipments of sausage, canned meat, and meat by-product decreased by -1.2% to 120K tons, falling for the second month in a row after two months of growth. Over the period under review, exports saw a noticeable decline. The pace of growth was the most pronounced in December 2022 with an increase of 21% against the previous month. As a result, the exports attained the peak of 172K tons. From January 2023 to June 2023, the growth of the exports remained at a lower figure.

In value terms, sausage exports reduced modestly to $108M (IndexBox estimates) in June 2023. Overall, exports recorded a noticeable decrease. The pace of growth appeared the most rapid in December 2022 with an increase of 44% month-to-month. As a result, the exports attained the peak of $187M. From January 2023 to June 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Indonesia (23K tons), China (21K tons) and Mexico (20K tons) were the main destinations of sausage exports from the United States, together comprising 54% of total exports.

From June 2022 to June 2023, the biggest increases were in China (with a CAGR of +6.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for sausage exported from the United States were China ($24M), Mexico ($17M) and Canada ($17M), together accounting for 54% of total exports.

In terms of the main countries of destination, China, with a CAGR of +6.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In June 2023, the sausage price amounted to $901 per ton (FOB, US), which is down by -3.6% against the previous month. In general, the export price continues to indicate a slight setback. The pace of growth was the most pronounced in December 2022 an increase of 19% month-to-month. Over the period under review, the average export prices attained the peak figure at $1,092 per ton in April 2023; however, from May 2023 to June 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In June 2023, the country with the highest price was Singapore ($4,250 per ton), while the average price for exports to Vietnam ($520 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+9.5%), while the prices for the other major destinations experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform