Total imports

Total imports reached $3,640.0 billion in 2024, representing a 5.3% increase from the previous year. This robust growth reflects strong domestic consumer demand and continued business investment in equipment and technology. Rising household incomes and employment levels have supported demand for imported consumer goods, while businesses have increased purchases of foreign-produced machinery and intermediate goods to support production activities. Supply chain diversification efforts have also contributed to import growth as companies source from multiple international suppliers.

Total imports have experienced significant volatility over the past five years, demonstrating both the resilience and vulnerability of global trade relationships. Imports declined sharply to $2,808.8 billion in 2020, representing a 9.0% decrease as pandemic lockdowns disrupted global supply chains and reduced domestic demand for foreign goods and services.

The recovery was swift and pronounced, with imports surging to $3,220.8 billion in 2021 and reaching a peak of $3,497.6 billion in 2022. This dramatic rebound reflected pent-up consumer demand, inventory restocking by businesses and supply chain adjustments as companies sought alternative sourcing arrangements. The 2021-2022 period saw unprecedented import growth driven by stimulus-fueled consumer spending and shifting consumption patterns toward goods over services.

Import levels moderated slightly in 2023 to $3,456.6 billion as consumer spending patterns normalized and supply chain pressures eased. The period highlighted the critical role of imports in supporting US economic activity, with essential goods ranging from medical supplies to consumer electronics demonstrating the interconnected nature of global trade. Trade policy adjustments and reshoring initiatives began influencing sourcing decisions, though overall import dependence remained elevated across key sectors.