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| Year | Import value, in million USD |
|---|---|
| 2023 | 648.76 |
| 2022 | 589.19 |
| 2021 | 585.52 |
| 2020 | 464.92 |
| 2019 | 582.30 |
| 2018 | 688.39 |
| 2017 | 662.42 |
| 2016 | 763.67 |
| 2015 | 744.05 |
| 2014 | 848.95 |
- Region: United States
- Time period: 2014 to 2023
- Published: Feb 2024
Data Analysis and Insights
Trend of Import Value Increase in Recent Years
The U.S. import value of tobacco has seen a notable increase from 464.92 million USD in 2020 to 648.76 million USD in 2023. This upward trend, marking an approximate 39.5% growth over three years, underscores a recovering or expanding tobacco import sector post-2020.Peak Import Value in the Last Decade
The year 2014 recorded the highest tobacco import value of the past decade with 848.95 million USD. This peak reflects a period of particularly high demand or availability of tobacco imports into the U.S. market.Dip and Recovery Pattern
A significant dip in import value was observed in 2020, with the value at 464.92 million USD, the lowest in the observed period. However, a steady recovery followed, with values climbing back up to 648.76 million USD by 2023, demonstrating the market's resilience and adaptability.Comparison of Recent Year Trends
Between 2022 and 2023, the U.S. import value of tobacco increased by 59.57 million USD, marking a significant year-over-year growth. This recent surge indicates an accelerating interest or need for tobacco imports in the U.S. market.Fluctuating Import Values Across the Decade
The decade showcased a fluctuating trend in tobacco import values, peaking in 2014 and hitting a low in 2020. The values ranged from 848.95 million USD at their highest to 464.92 million USD at their lowest, illustrating the volatility in the U.S. tobacco import market.Comparison with the Previous Highs
The recent import value in 2023 (648.76 million USD) still falls short of the decade's highest value recorded in 2014 (848.95 million USD). This comparison indicates that while the market is recovering, it has not yet reached its past peak performance levels.Decreasing Trend Prior to Recent Recovery
Prior to the recent upturn, a decreasing trend in tobacco import values was noted, culminating in the 2020 low. The downward trend from 848.95 million USD in 2014 to 464.92 million USD in 2020 highlights challenges faced by the industry, including potentially shifting regulations, tastes, or global market conditions, before its recovery commenced.Year-over-Year Growth Analysis
Analyzing year-over-year changes, the period from 2020 to 2023 showcases consistent growth in import values, with the annual increase signaling a robust recovery and possibly increasing demand or improved market conditions for tobacco imports into the U.S.Frequently Asked Questions
Which year recorded the highest tobacco import value in the past decade?
The highest import value was recorded in 2014, amounting to 848.95 million USD.
Was there a significant shift in tobacco import values in recent years?
Yes, a dip was observed in 2020 with a value of 464.92 million USD, followed by a recovery to 648.76 million USD by 2023.
Terms and Definitions
Refers to the total cost of goods as they enter into a country from foreign suppliers. This value usually encompasses not only the price of the goods themselves, but also the cost of shipping, packaging, insurance, and any applicable customs duties or taxes.
Pertains to goods and services purchased in the United States by individuals, businesses, and the government from other countries. U.S. imports are a key component of the country's economy and foreign trade.
A tax imposed on goods and services imported from other countries. The tariff increases the price of imported goods, making them less appealing to consumers when compared to domestic products.
A tax imposed by a country's customs authority on imports or exports, usually based on the value of the goods, their dimensions or weight, or other such criteria. These duties are used to generate revenue for the government, protect local industries, and control the flow of certain goods.
Treaties between two or more countries to establish a free trade area where goods and services can be traded across borders, without any tariffs or restrictions. This can significantly affect the import and export values between countries engaged in the agreement.
A globally used system for classifying traded products in order to standardize and facilitate international trade. It allows participating countries to classify traded goods on a common basis for customs purposes.
A situation that arises when the value of a country's imports exceeds the value of its exports. This indicates more money going out of the country to buy foreign goods than is coming in from selling domestic goods.
A tax directly levied on certain goods like alcohol or tobacco by a state or federal government. This is often included in the price paid by the consumer and generates substantial revenue for the government. It is also used as a deterrent for the consumption of harmful goods.
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