Construction Machinery Exports top $17.2 billion for 2007.
Press Release Summary:
According to AEM, market for exports of U.S.-made construction machinery closed out 2007 with gain of more than 26% compared to previous year. Africa, Asia, and Europe showed most growth in their export purchases, while Canada recorded smallest gains for year-end 2007. Positive export data underscores importance of global trade to American manufacturers as they face slowdown in U.S. business, as well as continued need for free and fair trade across borders.
Original Press Release:
Construction Machinery Exports Top $17.2 Billion For 2007
Overall gain of 26 percent; Africa, Asia, Europe lead the way
The market for exports of U.S.-made construction machinery closed out 2007 with a gain of more than 26 percent compared to the previous year, for a total of $17.2 billion dollars worth of equipment sold worldwide, according to the Association of Equipment Manufacturers (AEM). The AEM North American-based international trade group consolidates U.S. Commerce Department data with other sources into a quarterly export trends report.
"This positive export data underscores the importance of global trade to American manufacturers as they face a slowdown in U.S. business, as well as the continued need for free and fair trade across borders. The worldwide demand for infrastructure building has helped the construction equipment industry remain strong," noted AEM Senior Vice President Al Cervero.
"Countries around the world are committing to infrastructure projects that increase their capability to compete in the global marketplace. The United States also needs to step up infrastructure investment or risk being left behind, especially by emerging markets," Cervero added.
Africa, Asia and Europe showed the most growth in their export purchases, and Canada recorded the smallest gains for year-end 2007.
Africa led the way in 2007 with a 67-percent gain in export purchases, for a total of $1.1 billion dollars. Exports to Asia grew 57 percent and totaled $2.4 billion dollars, while Europe took delivery of $2.8 billion dollars of U.S.-made equipment, a 50-percent gain compared to 2007.
Export business to Canada showed the smallest growth - an increase of 8.5 percent that totaled $5.5 billion dollars.
Construction machinery exports to South America grew 20 percent in 2007, with purchases worth $2.3 billion dollars; and exports to Central America came in at $1.6 billion dollars, a 27-percent increase. Export business to Australia/Oceania increased 12 percent to top $1.6 billion dollars.
The 10 countries buying the most U.S.-made construction machinery in 2007 were: (1) Canada - $5.5 billion, up 8.5 percent; (2) Australia - $1.5 billion, up 12 percent; (3) Mexico - $1.1 billion, up 23 percent; (4) Chile - $675 million, up 27 percent; (5) China - $632 million, up 138 percent; (6) South Africa - $603 million, up 67 percent; (7) Belgium - $589 million, up 62 percent; (8) Brazil - $402 million, down 8 percent; (9) Russia - $384 million, up 53 percent; (10) United Kingdom - $355 million, up 88 percent.
