Exports of U.S. construction equipment ended 2014 with a 13.2 percent drop compared to 2013, with a total of $17.26 billion shipped to global markets, according to the Association of Equipment Manufacturers (AEM). U.S. exports to all world regions fell for 2014. Business to Europe, South America and Australia was hit hardest, according to AEM.
AEM reports that the following are the top 10 countries buying the most U.S.-made construction machinery in 2014:
1. Canada – $6.66 billion, down 2 percent
2. Mexico – $1.59 billion, down 11.3 percent
3. Australia – $808.3 million, down 34.9 percent
4. Brazil – $720.5 million, down 19 percent
5. South Africa – $669.5 million, down 1 percent
6. Chile – $617.4 million, down 38.2 percent
7. Belgium – $461.3 million, down 25.2 percent
8. Peru – $460.4 million, down 27.8 percent
9. China – $367.8 million, down 3.1 percent
10. Saudi Arabia – $236.9 million, up 10.7 percent
The fourth quarter of 2014 marked the eighth consecutive quarter that U.S. construction equipment exports experienced year-over-year declines. While exports have been decreasing steadily since the second quarter of 2012, AEM says imports have been trending higher. The growth in the post-recession export figures was a stronger driver for domestic manufacturers, though it appears the domestic market has become one of the more robust growth engines for the industry, according to AEM.
AEM says the recent declines in U.S. construction equipment exports have been partly due to retrenching from accelerated spending earlier in the economic recovery; a strengthening dollar against the Japanese Yen; and declines in commodity prices, particularly oil, copper and coal. From a global perspective, AEM reports that the U.S. market remains strong, yet somewhat affected by the oil price declines.