NEW YORK: According to American Equipment Distributors Association, citing US Department of Commerce data, exports of US made construction equipment ended 2014 with a 13.2% drop compared to 2013, with a total $17.26 billion shipped to global markets.
Business to Europe, South America, and Australia/Oceania was hit the hardest. Top countries buying the most U.S.-made construction machinery during 2014 (by dollar volume) were Canada, Mexico, Australia, Brazil, and South Africa.
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, imports have been trending higher. The fast growth in the post-recession export figures (2009-2012) was a strong driver for domestic manufacturers, though it appears the domestic market has become one of the more robust growth engines for the industry.
The recent declines in total construction equipment exports, which were in line with regional development, have been partly due to:
A retrenching from accelerated spending earlier in the economic recovery
Declines in commodity prices, particularly oil, copper and coal
From a global perspective, the U.S. market remains strong, though somewhat affected by the oil price declines
