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| Year | Export value, in million USD |
|---|---|
| 2023 | 1,003.61 |
| 2022 | 863.88 |
| 2021 | 843.40 |
| 2020 | 694.72 |
| 2019 | 756.17 |
| 2018 | 1,066.87 |
| 2017 | 1,111.33 |
| 2016 | 1,141.93 |
| 2015 | 1,154.34 |
- Region: United States
- Time period: 2015 to 2023
- Published: Feb 2024
Data Analysis and Insights
Trend of U.S. Tobacco Export Value Over Recent Years
The U.S. tobacco export value experienced a fluctuation over the observed period from 2015 to 2023. The highest export value was recorded in 2016 at $1,141.93 million, whereas the lowest was seen in 2020 at $694.72 million. A significant recovery is evident in 2023, with export value reaching $1,003.61 million, showcasing a rebound from the previous years.Export Value Recovery After 2020's Low
After a notable dip in 2020 to $694.72 million, the U.S. tobacco export value demonstrated a consecutive year-on-year increase, culminating in 2023 with an export value of $1,003.61 million. This represents a growth of approximately 44.5% over three years, indicating a robust recovery and a positive trend in the tobacco export market.Comparison of Export Values Between 2018 and 2023
Comparing the export values of 2018 and 2023, there was a decrease from $1,066.87 million to $1,003.61 million. This suggests that despite recent gains, the export value in 2023 has not yet surpassed the peak levels observed earlier in the decade, specifically the high mark set in 2018.Insight into the Decline and Subsequent Recovery Pattern
The data reveals a declining trend from 2016 through 2020, with the export value decreasing from $1,141.93 million to $694.72 million. This period was followed by a recovery phase starting in 2021, leading to a steady increase in export value year-on-year, indicating a cyclical pattern in the U.S. tobacco export market dynamics.Annual Growth Rate from 2020 to 2023
The annual growth rate of the U.S. tobacco export value shows remarkable resilience and growth. From 2020 to 2023, the export value increased from $694.72 million to $1,003.61 million, highlighting a significant recovery and a positive trajectory in the tobacco industry's export performance.Decadal Perspective on U.S. Tobacco Export Value
Over the decade spanning 2015 to 2023, the U.S. tobacco export market witnessed both its peak and trough, with the highest value in 2016 at $1,141.93 million and the lowest in 2020 at $694.72 million. The subsequent recovery to over $1 billion in 2023 underscores the volatile nature of this market and its capacity for rebound.Frequently Asked Questions
What was the highest U.S. tobacco export value and when was it recorded?
The highest U.S. tobacco export value was recorded in 2016 at $1,141.93 million.
What trend in U.S. tobacco export value is evident from 2016 to 2023?
A trend of decline and subsequent recovery in U.S. tobacco export value was evident from 2016 to 2023, with the value decreasing to $694.72 million in 2020 before rebounding to $1,003.61 million.
Terms and Definitions
In international trade, an export refers to sending goods or services produced in the home country to other countries for future sale or trade. The sale of such goods adds to the producing nation's gross economic output.
Gross Economic Output is a measure of total sales volume from all production in a country's economy. It differs from Gross Domestic Product (GDP) as it doesn't subtract the value of intermediate goods used in production.
International Trade refers to the exchange of goods and services between countries. This type of trade allows for a greater competition and more competitive pricing in the market. It results in a better product selection for consumers.
Sales volume refers to the total number of units sold within a reported period. It is a significant indicator as it shows the overall activity and efficiency of the sales department in a certain period.
Monetary worth refers to the value assigned to a product or service in terms of currency. It is the price for which goods or services are traded in the market.
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