Formic acid in United States | The Observatory of Economic Complexity

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Exports In 2022, United States exported $24.4M in Formic acid, making it the 5th largest exporter of Formic acid in the world. At the same year, Formic acid was the 2586th most exported product in United States. The main destination of Formic acid exports from United States are: Brazil ($8.94M), Mexico ($3.34M), Canada ($2.66M), Uruguay ($2.54M), and Argentina ($1.83M).

The fastest growing export markets for Formic acid of United States between 2021 and 2022 were Uruguay ($2.11M), Canada ($1.41M), and Brazil ($1.4M).

Imports In 2022, United States imported $5.62M in Formic acid, becoming the 24th largest importer of Formic acid in the world. At the same year, Formic acid was the 3924th most imported product in United States. United States imports Formic acid primarily from: Netherlands ($1.69M), China ($1.13M), Sweden ($711k), Germany ($489k), and Spain ($454k).

COMPANIES In 2023, leading companies such as IKEA Group (135k), CrimsonLogic (98.6k), and Dole Fresh Fruit (62.1k) were at the forefront of shipping Formic acid to the United States.

Latest Trends

June 2024

About

Overview In June 2024 United States' Formic acid exports accounted up to $1.63M and imports accounted up to $425k, resulting in a positive trade balance of $1.2M. Between June 2023 and June 2024 the exports of United States' Formic acid have decreased by $-1.03M (-38.8%) from $2.66M to $1.63M, while imports increased by $76.7k (22%) from $348k to $425k.

Destinations In June 2024, Formic acid were exported mostly to Brazil ($777k), Argentina ($226k), Mexico ($208k), Canada ($134k), and Germany ($122k), and were imported mostly from Sweden ($146k), Germany ($117k), China ($89.4k), Spain ($48.8k), and Finland ($22.9k).

Growth In June 2024, the decrease in Formic acid's year-by-year exports was explained primarily by a decrease in exports to Brazil ($-243k or -38.9%), Germany ($-87.3k or -82.4%), and Canada ($-60.9k or -21.9%). In June 2024, the increase in Formic acid's year-by-year imports was explained primarily by an increase in imports from China ($142k or 186%) and Czechia ($5.53k or 56.6%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (June 2023 - June 2024)$-1.03M(-38.8%)

IMPORT GROWTH (June 2023 - June 2024)$76.7k(22%)

MAIN EXPORTER (June 2024)Texas$873k

MAIN DESTINATION (June 2024)Brazil$777k

This section shows Formic acid's exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Formic acid over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$24.4M

IMPORTS (2022)$5.62M

NET TRADE (2022)$18.8M

In 2022, United States exported $24.4M in Formic acid. The main destinations of United States exports on Formic acid were Brazil ($8.94M), Mexico ($3.34M), Canada ($2.66M), Uruguay ($2.54M), and Argentina ($1.83M).

In 2022, United States imported $5.62M in Formic acid, mainly from Netherlands ($1.69M), China ($1.13M), Sweden ($711k), Germany ($489k), and Spain ($454k).

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