USA Market
USA is a federal republic with 52 states and is the third largest country in the world. Each state has its unique infrastructure, economic status and laws. The top five states of USA—California, Texas, New York, Florida and Illinois—hold 36% of the country’s economy. California itself is the largest state amongst all and has one of the top ten economies of the world.USA is the largest export and import market, constituting ¼ of the world’s economy with its $14 trillion GDP (Gross Domestic Product). USA represents 19% of the world’s import market with 26% of the imports from the neighboring countries Canada and Mexico. Being the 39th country amongst nations that USA imports from, Turkey has had a low market share. 1/3 of the total import traffic from Turkey to US takes place in New York. Although California, Texas and Florida are potential markets, they have not received a high share in the US import market.
USA is also the largest exporter in the world. While Canada and Mexico are the first two countries in this market, Turkey does not have enough shares and stands 32nd place on this list with only 0.6% market share. Turkey is one of the potential export markets for companies who want to initiate business relations especially with its European Union integration process and acceptance of European standards. In February 2008, at USA’s official export portal www.export.gov , Turkey was selected the “Target Market of the Month”. According to US sources and researches, Turkey is the melting pot of Middle East, Asia Minor and East Europe and the best market to promote and to sell especially technological products in the region. Same sources also suggests that any US firm that has the potential and plan to enter into this market should work in liaison with a local firm or entity in representation or distributorship basis.
USA has $46,000.00 GDPPP (Gross Domestic Product per person). In general, majority of the population prefers to spend its income on consumer goods instead of investing in savings. This habit of the US population with 2.7% inflation rate proves that the country’s economy is indexed to consumption. In accordance with this fact, local and international producers are in effort to get a share form this market.
The most important catch of the US market is that the consumers are not intrigued by the brand names; in contrary, the most important thing is the value and the quality of the products. This presents a big advantage for the firms and the producers that are selling their high quality products with compatible prices in the related markets.Textile, clothing, home goods and food industries are specially reliable and growing markets in USA: therefore Turkey has a very big potential in USA market with its high quality productions in these industries. On the other hand, USA has an advantage in technological products, chemical goods and steel industry which makes Turkey very important market for US manufacturers and producers.
Please get in touch with IMECO Global Inc. if you would like to inquire more information about the US market.
(*) Kaynak : CIA-Fact Book
