Food Products Machinery Market - U.S. Food Products Machinery Trade Deficit Fairly Evaporated under Expansion of Imports
Machinery For Food, Beverage And Tobacco Processing June 23, 2016
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The U.S. takes an 8.1% share (based on USD) of global exports on the food products machinery market, which put it in fourth place, following Germany (17.2%), Italy (12.4%) and China (8.4%). In 2015, the U.S. exported 2,336 million USD, 3% under the previous year.
After a peak of 2008, there was an abrupt fall in 2009, followed by a recovery over the next three years. Since 2012, exports remained relatively stable, except a brief hike in 2014. In 2012, U.S. food products machinery exporters overcame the pre-recession level achieved in 2008, increasing very mildly from that point by 2015.
As U.S. companies stabilized their positions on overseas markets, domestic manufacturers enjoyed an additional impetus for ongoing industry growth.
In 2015, the main destinations of U.S. food products machinery exports were Canada (16%), Mexico (14%) and China (6%). The share exported to Mexico increased (+6 percentage points), while the shares sent to Canada and China remained relatively stable from 2007 to 2015.
Net US net exports fluctuated wildly over the period under review. From 2010 to 2014, the U.S. was a net exporter of food products machinery, with a trade surplus narrowing to approximately 122 million USD. However, that surplus not only evaporated but turned into a 34 million USD trade deficit in 2015, driven by imports outpacing the stable exports over the recent three years.
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Source: U.S. Food Products Machinery Market. Analysis And Forecast to 2020
