Industrial Machinery Will Be Top Growth Area for US Exports and Imports
By Industry Week Staff
Transport, medical and measuring equipment sectors also driving U.S. exports.
Industrial machinery is expected to be the top driver of U.S. export and import trade now and in the next decade, according to the latest HSBC Commercial Banking Trade Forecast.
According to the report, U.S industrial machinery exports, which range from large power generating machinery to small parts for domestic electrical items, are expected to account for 21% of U.S. export growth this year through 2015, making it the biggest sector contributor to overall U.S. merchandise export growth through 2015.
Further out, industrial machinery is expected to rise to 25% of U.S. export growth in 2016 to 2020, and to 26% in 2021 to 2030, according to the report.
At the same time, industrial machinery is expected to account for 25% of U.S. import growth this year through 2015, according to the report. The report predicts that industrial machinery will decline to 22% of U.S. import growth in 2016 to 2020 before inching up again to 23% in 2021 to 2030.
Transport, Medical and Measuring Sectors Driving U.S. Export Growth
In addition to industrial machinery, other higher value-added sectors, including transport, medical and measuring equipment, are also set to be big contributors to U.S. export growth. In fact, these sectors, together with industrial machinery, are expected to contribute to half of the increase of U.S. exports in 2021 to 2030, according to the report.
HSBC said U.S. transport equipment exports, including motor vehicles and aircraft, are expected to account for 17% of U.S. export growth this year through 2015, making it the second biggest sector contributor to U.S. export. It will remain the second largest contributor to overall U.S. exports in the next decade and beyond.
Medical and measuring equipment, which can include instruments for medical, surgical, dental or veterinary purposes, as well as meters and counters, are expected to make up about 7% of U.S. export growth this year through 2015, making it the fourth biggest sector contributor to U.S. export growth. The sector is anticipated to increase its share of U.S. export growth to 10% in 2021 to 2030. During that decade, it will become the third largest sector contributor to overall U.S. export growth.Read the remainder of this article here ...visit site>>