Global Biggest Importing Industries in 2024

1. Global Plastic Product & Packaging Manufacturing

Imports for 2024: $1,747,3B

The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to 2023. It has benefited from increasing plastic consumption worldwide, as rising capacity worldwide has resulted in solid growth in overall plastic production. Plastic goods are substituted for materials like wood, paper, metals, and glass, which are often more price competitive while offering better performance. Because of rising consumption and production during most of the current period, industry revenue has been expanding an annualized 2.3%, and is expected to reach $699.3 billion in 2023. This increase in revenue was decelerated by a dramatic drop... Learn More

2. Global Oil & Gas Exploration & Production

Imports for 2024: $1,175,6B

The Global Oil and Gas Exploration and Production industry has gone through major turbulence over the five years to 2023. The COVID-19 pandemic and accompanying socioeconomic restrictions significantly disrupted macroeconomic activity, leading to tremendous volatility within global energy markets. Industry revenue fell to multi-decade lows in 2020 before reaching all-time highs in 2022 as production and prices of hydrocarbons were completely unstable. Industry revenue has increased at a CAGR of 9.6% to $5.3 trillion over the five years to 2023, despite a decline of 19.8% in 2023 alone. During this time, the United States has emerged as a key player... Learn More

3. Global Car & Automobile Manufacturing

Imports for 2024: $815,7B

Global car and automobile manufacturers benefited from strong consumer, business and government spending on passenger vehicles amid stable macroeconomic growth and historically low interest rates before the pandemic. Significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred global demand from the growing middle class. Even so, the pandemic led to a monumental slowdown, slashing vehicle demand. As a result, automaker revenue contracted at an expected CAGR of 2.3% to $2.6 trillion through the current period, despite a 1.6% jump in 2023 as the economy heats up.

Aluminum... Learn More

4. Global Apparel Manufacturing

Imports for 2024: $502,2B

Global apparel manufacturers have benefited from strengthening consumer spending in developed economies combined with rapidly growing emerging economies in recent years. However, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted its trajectory. Dips in global consumer spending and lockdowns dropped production at factories. Even as economies reopened, bottlenecks and supply chain woes punctured footwear production globally, while rising costs for everything from cotton to crude oil shot up production costs. Uneven economic recoveries, recession concerns and inflation continue to strain performance despite surging consumer demand. In all, industry-wide revenue has been declining at a CAGR of... Learn More

5. Global Auto Parts & Accessories Manufacturing

Imports for 2024: $488,6B

Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased. Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.

The problems with the global supply chain due to COVID-19 deeply affected industry... Learn More

6. Global Consumer Electronics Manufacturing

Imports for 2024: $353,0B

Over the current period, consumer electronics manufacturers have faced declines. The outbreak of COVID-19 lowered consumer spending, manufacturing output and trade volumes in 2020. Many of the largest manufacturers have faced declines as competition from one another and smaller manufacturers has increased. Overall, industry-wide revenue has been falling at a CAGR of 0.3% over the past five years and is expected to total $1.6 trillion in 2023, when revenue will jump by an estimated 2.6% and profit will dip to 3.5%.

Semiconductor shortages have negatively impacted consumer electronics manufacturers, leading to climbing smartphone prices. Higher smartphone prices and only incremental... Learn More

7. Global Semiconductor & Electronic Parts Manufacturing

Imports for 2024: $242,9B

In the Global Semiconductor and Electronic Parts Manufacturing industry, demand for downstream consumer electronics, automobiles, computers and industrial machinery has risen, as global per capita income and internet connectivity expanded over the five years to 2023. However, fluctuating product and input prices have led to volatility, particularly as memory prices plummeted before the pandemic. The industry swelled during the pandemic because of favorable pricing as shortages alongside rising demand for certain electronic goods, like laptops and tablets. Overall, industry revenue is anticipated to shrink at an expected CAGR of 1.2% to $1.3 trillion over the five years to 2023, including... Learn More

8. Global Paper & Pulp Mills

Imports for 2024: $220,4B

The digitization of the global economy and expanding internet usage have reduced demand for newsprint and other traditional paper products, curbing growth for the Global Paper and Pulp Mills industry over the past five years. Still, mills have benefited from expanding developing economies in Asia and South America. Over the past five years, consumer spending and online retail growth have supported demand for packaging paper, offsetting declines from traditional paper segments. Revenue has stagnated over the past five years, staying at an estimated $492.1 billion in 2023. Inflationary pressures will push revenue down by an estimated 2.2% in 2023 alone.

While... Learn More

9. Global Iron Ore Mining

Imports for 2024: $215,8B

Global iron ore mining performance has been strong through the end of 2023. Industry revenue is a function of global demand conditions and volatility in the world price of iron ore throughout the period has led to several years of double-digit rises. Global iron ore mining revenue has been surging at a CAGR of 8.1% over the past five years and is expected to total $305.1 billion in 2023, when revenue will fall by an estimated 7.1% This five-year overall growth can be mainly attributed to the recovering demand trends after the peak of the COVID-19 pandemic. This rise in... Learn More

10. Global Heavy-Duty Truck Manufacturing

Imports for 2024: $191,4B

The Global Heavy-Duty Truck Manufacturing industry has experienced an eventful time over the past five years. Governments across the globe have imposed new regulations aimed at reducing truck emissions. Truck prices typically increase when new standards are introduced due to higher research and development costs to make truck emissions compliant. Truck buyers are aware of this trend, and when legislation change is announced, buyers tend to purchase vehicles in anticipation of rising prices once the new law is implemented.

Despite rising regulations, the industry grew before the pandemic due to growth in emerging economies such as China and India. But the... Learn More