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 U.S. imported $42 billion in royalties and license fees services. The U.S. Government service imports totaled $31 billion most of which was defense.
Automotive vehicles, parts, and engines come in at $297 billion. Food feeds, and beverages including fish, fruit, and vegetables came in as $110 million.
(Source: U.S. Census, Exhibit 6 – Imports by End-Use Category)
Importers rely on having steady cash flow in order to run a profitable operation. Often import companies have to wait 30-60 days to get paid. Smaller importers can be particularly impacted because they are less likely to obtain extended credit terms from their overseas suppliers. As long as the importer is working with buyers that are creditworthy receivables factoring and factoring for importers can be an excellent 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.