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Importers and imports are a huge part of the US economy – $2.275 trillion worth in fact. The largest is industrial machinery and equipment at $731 billion. About half of that is crude oil and related oil, gas, and energy products. Other massive industrial imports are iron and steel products, chemicals, and fertilizers.

Factoring for Importers

The second-largest import capital goods come in at $731 billion, which includes computers, computer accessories, and telecommunications equipment. Consumer goods are 3rd with $517 billion – apparel, pharmaceuticals, cell phones, and toys.

Services are $437 billion which include private services, primarily financial services, travel passenger services, other transportation services, and passenger fares. The US imported $42 billion in royalties and license fees services. The US Government service imports totaled $31 billion, most of which was a defense.

Automotive vehicles, parts, and engines come in at $297 billion. Food feeds, and beverages including fish, fruit, and vegetables came in like $110 million.

(Source: U.S. Census, Exhibit 6 – Imports by End-Use Category)

Importers depend on having a well-balanced cash flow to run and manage a profitable operation. Often import companies have to wait 30-60 days until receiving the payment. Smaller importers can be specifically impacted because they are less likely to acquire extended credit terms from their overseas suppliers. As long as the importer is working with creditworthy buyers, factoring for importers can be a great solution.

Import factoring can be very effective for international traders that import large shipments of goods. BusinessCash has the experience and knowledge required to deal with the complexities of factoring importers.

Fast funding for Importers! Call (888) 400-5930 or use the fast, safe & secure online funding application.

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