You cannot watch 30 minutes of television news today and not hear stories about the impacts of imports and exports. And while die hard Democrats want to blame the current administration for the problems that American farmers and other are currently facing because of increased imports, our nation has a long history of contentious discussions about imports. Taking the Japanese engine imports as an example, auto makers and consumers alike have long negotiated the challenges that are involved with increases prices on automobiles that are brought into this country.
Both new and used Japanese import engines play a significant role in our nation’s economy. As American auto makers continue to deal with economic challenges, it should come as no surprise that the decision to buy Japanese engines for sale, even when exports increase, continues to be a popular option.
America Continues to Struggle to Find a Way to Dominate the Automobile Industry
The latest research forecast by PwC indicated that as many as 107 million vehicles will be manufactured worldwide in the year 2020. This worldwide production level compares to as many as 7.83 million passenger vehicles are produced in Japan each year. In fact, Toyota alone is predicted to produce about 11 million vehicles in 2023. Aside from entire cars, Japanese engine imports also play an important role in the economy of the cars, trucks, and SUVs that we drive.
Consider these facts and figures about additional roles that import auto sales have on consumer sales as well as the overall economy of the nation:
- Japan was the U.S.’s fourth largest supplier of goods imports in the year 2016.
- For example, U.S. goods imports from Japan totaled $132.2 billion in the year 2016.
- The top import categories from Japan to the U.S. in 2016 was vehicles coming in at $50 billion. Machinery came in second at $29 billion, and electrical machinery at $16 billion.
- Honda produced two out of the five top selling cars in the U.S. in 2016: the Honda Accord and the Honda Civic.
- Honda sold more than 4.7 million automobiles worldwide in fiscal year 2016.
- Manufactured in November 1982, the first Japanese car in the U.S. was the Honda Accord.
Import and export taxes are topics frequently covered by television and online news. This is partly because they play such an important role in the nation’s economy.