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Mapped: The Top U.S. Imports by State

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Map of the most common import in each U.S. state

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Mapped: The Top U.S. Imports by State

In 2021, the U.S. brought in approximately $2.83 trillion worth of goods from its various international trading partners.

But what types of goods are most commonly imported throughout different parts of America? This graphic by OnDeck shows the top import in every U.S. state, using January 2022 data from the U.S. Census Bureau.

The Most Popular Categories of U.S. Imports

Petroleum is the most popular import in 12 states, making it the most common import across America. In 2021, about 72% of imported petroleum was crude oil, which was then domestically refined into products like gasoline, diesel, or jet fuel.

StateTop Import
AlabamaPetroleum
AlaskaPetroleum
ArizonaAircraft
ArkansasAircraft
CaliforniaVehicles
ColoradoPetroleum
ConnecticutSilver
DelawareMedicine
FloridaNucleic Acids
GeorgiaVehicles
HawaiiPetroleum
IdahoData Processing Parts
IllinoisTelephones
IndianaMedicine
IowaRoad Tractors
KansasAircraft
KentuckyVaccines and Antibodies
LouisianaPetroleum
MaineLight Oils
MarylandVehicles
MassachusettsLight Oils
MichiganVehicles
MinnesotaPetroleum
MississippiPetroleum
MissouriPetroleum
MontanaPetroleum
NebraskaNucleic Acids
NevadaElectrical Processors
New HampshireAircraft
New JerseyMedicine
New MexicoData Processing Parts
New YorkPrecious Metal
North CarolinaVaccines and Antibodies
North DakotaPlatinum
OhioMedicine
OklahomaPetroleum
OregonSemiconductor Machines
PennsylvaniaMedicine
Rhode IslandVehicles
South CarolinaUranium
South DakotaCow Meat
TennesseeMedicine
TexasPetroleum
UtahGold
VermontElectrical Energy
VirginiaPrinter Parts
WashingtonVehicles
West VirginiaAircraft
WisconsinVaccines
WyomingPetroleum

A majority of that imported petroleum came from Canada, while roughly 11% was imported from OPEC countries, and 8% came from Russia. Of course, the latter figure will likely dip in 2022 because of the ban on Russian imports implemented by the Biden administration in response to the Russia-Ukraine conflict.

After petroleum, vehicles and medicine were tied for the second most-imported goods, with both categories being the most popular import in six states each.

Somewhat related to medicine are nucleic acids, which were the top imports in Florida and Nebraska. Nucleic acids are natural polymers that are used in biological processes like protein synthesis or messenger RNA (mRNA) translation. It’s worth noting that several COVID-19 vaccines, including those produced by Moderna and Pfizer-BioNTech, are mRNA vaccines.

The Most Unique U.S. Imports

In addition to outlining the most popular imports in each U.S. state, OnDeck highlights each state’s most unique import, visualized in the graphic below.

OnDeck defines each state’s “most unique” import as the category of goods that was imported by the fewest other states.

Salmon was Florida’s most unique import. This makes sense considering the Sunshine State is home to some of the country’s biggest seafood wholesalers, including North Star Seafood (owned by Sysco) and Tampa Bay Fisheries.

Another example is Delaware’s high imports of pineapples, totaling around $60.2 million in pineapples per year. This time, the culprit is Dole plc (formerly the Dole Food Company), the largest producer of fruit and vegetables in the world. Until 2021, the company’s headquarters were based in Delaware, and it still receives pineapple imports to the Port of Wilmington in the state’s largest city.

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Recession Risk: Which Sectors are Least Vulnerable?

We show the sectors with the lowest exposure to recession risk—and the factors that drive their performance.

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Recession Risk: Which Sectors are Least Vulnerable?

Recession Risk: Which Sectors are Least Vulnerable?

This was originally posted on Advisor Channel. Sign up to the free mailing list to get beautiful visualizations on financial markets that help advisors and their clients.

In the context of a potential recession, some sectors may be in better shape than others.

They share several fundamental qualities, including:

  • Less cyclical exposure
  • Lower rate sensitivity
  • Higher cash levels
  • Lower capital expenditures

With this in mind, the above chart looks at the sectors most resilient to recession risk and rising costs, using data from Allianz Trade.

Recession Risk, by Sector

As slower growth and rising rates put pressure on corporate margins and the cost of capital, we can see in the table below that this has impacted some sectors more than others in the last year:

SectorMargin (p.p. change)
🛒 Retail
-0.3
📝 Paper-0.8
🏡 Household Equipment-0.9
🚜 Agrifood-0.9
⛏️ Metals-0.9
🚗 Automotive Manufacturers
-1.1
🏭 Machinery & Equipment-1.1
🧪 Chemicals-1.2
🏥 Pharmaceuticals-1.8
🖥️ Computers & Telecom-2.0
👷 Construction-5.7

*Percentage point changes 2021- 2022.

Generally speaking, the retail sector has been shielded from recession risk and higher prices. In 2023, accelerated consumer spending and a strong labor market has supported retail sales, which have trended higher since 2021. Consumer spending makes up roughly two-thirds of the U.S. economy.

Sectors including chemicals and pharmaceuticals have traditionally been more resistant to market turbulence, but have fared worse than others more recently.

In theory, sectors including construction, metals, and automotives are often rate-sensitive and have high capital expenditures. Yet, what we have seen in the last year is that many of these sectors have been able to withstand margin pressures fairly well in spite of tightening credit conditions as seen in the table above.

What to Watch: Corporate Margins in Perspective

One salient feature of the current market environment is that corporate profit margins have approached historic highs.

Recession Risk: Corporate Margins Near Record Levels

As the above chart shows, after-tax profit margins for non-financial corporations hovered over 14% in 2022, the highest post-WWII. In fact, this trend has been increasing over the past two decades.

According to a recent paper, firms have used their market power to increase prices. As a result, this offset margin pressures, even as sales volume declined.

Overall, we can see that corporate profit margins are higher than pre-pandemic levels. Sectors focused on essential goods to the consumer were able to make price hikes as consumers purchased familiar brands and products.

Adding to stronger margins were demand shocks that stemmed from supply chain disruptions. The auto sector, for example, saw companies raise prices without the fear of diminishing market share. All of these factors have likely built up a buffer to help reduce future recession risk.

Sector Fundamentals Looking Ahead

How are corporate metrics looking in 2023?

In the first quarter of 2023, S&P 500 earnings fell almost 4%. It was the second consecutive quarter of declining earnings for the index. Despite slower growth, the S&P 500 is up roughly 15% from lows seen in October.

Yet according to an April survey from the Bank of America, global fund managers are overwhelmingly bearish, highlighting contradictions in the market.

For health care and utilities sectors, the vast majority of companies in the index are beating revenue estimates in 2023. Over the last 30 years, these defensive sectors have also tended to outperform other sectors during a downturn, along with consumer staples. Investors seek them out due to their strong balance sheets and profitability during market stress.

S&P 500 SectorPercent of Companies With Revenues Above Estimates (Q1 2023)
Health Care90%
Utilities88%
Consumer Discretionary81%
Real Estate
81%
Information Technology78%
Industrials78%
Consumer Staples74%
Energy70%
Financials65%
Communication Services58%
Materials31%

Source: Factset

Cyclical sectors, such as financials and industrials tend to perform worse. We can see this today with turmoil in the banking system, as bank stocks remain sensitive to interest rate hikes. Making matters worse, the spillover from rising rates may still take time to materialize.

Defensive sectors like health care, staples, and utilities could be less vulnerable to recession risk. Lower correlation to economic cycles, lower rate-sensitivity, higher cash buffers, and lower capital expenditures are all key factors that support their resilience.

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