Salts of formic acid in United States | The Observatory of Economic Complexity

About

Exports In 2022, United States exported $9.28M in Salts of formic acid, making it the 11th largest exporter of Salts of formic acid in the world. At the same year, Salts of formic acid was the 3258th most exported product in United States. The main destination of Salts of formic acid exports from United States are: Canada ($3.98M), India ($870k), Mexico ($863k), United Kingdom ($717k), and China ($587k).

The fastest growing export markets for Salts of formic acid of United States between 2021 and 2022 were Canada ($2.57M), India ($729k), and United Kingdom ($683k).

Imports In 2022, United States imported $31.9M in Salts of formic acid, becoming the 2nd largest importer of Salts of formic acid in the world. At the same year, Salts of formic acid was the 2987th most imported product in United States. United States imports Salts of formic acid primarily from: China ($11.3M), Germany ($8.39M), Turkey ($3.85M), Sweden ($3.56M), and Canada ($1.59M).

The fastest growing import markets in Salts of formic acid for United States between 2021 and 2022 were Germany ($3.2M), China ($2.15M), and Turkey ($692k).

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 Salts of formic acid to the United States.

Latest Trends

June 2024

About

Overview In June 2024 United States' Salts of formic acid exports accounted up to $130k and imports accounted up to $2.88M, resulting in a negative trade balance of $2.75M. Between June 2023 and June 2024 the exports of United States' Salts of formic acid have decreased by $-56.5k (-30.3%) from $187k to $130k, while imports increased by $277k (10.6%) from $2.61M to $2.88M.

Destinations In June 2024, Salts of formic acid were exported mostly to Canada ($51.3k), Germany ($36.6k), Mexico ($14.7k), South Korea ($14.1k), and United Kingdom ($6.04k), and were imported mostly from N/A.

Growth In June 2024, the decrease in Salts of formic acid's year-by-year exports was explained primarily by a decrease in exports to Mexico ($-267k or -76.5%), Canada ($-244k or -39.7%), and Germany ($-5.51k or -53.6%). In June 2024, the increase in Salts of formic acid's year-by-year imports was explained primarily by an increase in imports from Turkey ($336k or 221%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (June 2023 - June 2024)$-56.5k(-30.3%)

IMPORT GROWTH (June 2023 - June 2024)$277k(10.6%)

MAIN EXPORTER (June 2024)Ohio$678k

MAIN DESTINATION (June 2024)Canada$51.3k

This section shows Salts of 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 Salts of formic acid over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$9.28M

IMPORTS (2022)$31.9M

NET TRADE (2022)-$22.6M

In 2022, United States exported $9.28M in Salts of formic acid. The main destinations of United States exports on Salts of formic acid were Canada ($3.98M), India ($870k), Mexico ($863k), United Kingdom ($717k), and China ($587k).

In 2022, United States imported $31.9M in Salts of formic acid, mainly from China ($11.3M), Germany ($8.39M), Turkey ($3.85M), Sweden ($3.56M), and Canada ($1.59M).

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