Global Recession’s Impact on U.S. Plastics in the International Marketplace
Despite a weak fourth quarter, U.S. plastics exports
showed robust growth in 2008. Although trade barriers
remain to accessing a number of overseas markets, U.S.
plastics remain competitive and highly desired in the international
marketplace. However, domestic shipments in
2008 declined just under one percent, as the recession
began to take its toll on plastics consumption in the
United States. The latest international trade statistics for
the plastics industry were made available in a new report
released by SPI: The Plastics Industry Trade Association.
While exports during the fourth quarter of 2008 were
down 23 percent from the prior quarter and down 12 percent
from the same quarter in 2007, SPI's 2008 Global
Business Trends report shows that overall exports
increased by 6.7 percent for the year.
Other highlights contained in the report include: Plastics
Exports Exceeded $51 billion: Breaking the $50 billion
barrier for the first time, U.S. plastics exports accounted
for approximately 4.4 percent of total U.S. exports in
2008. Imports meanwhile increased by a more modest
3.0 percent in 2008 to just under $39 billion.
Canada and Mexico remain the country’s largest plastics
trading partners: slightly more than 42 percent of U.S.
plastics exports are destined for neighboring countries,
Canada and Mexico. China is the industry's third largest
export market. However, the industry had its largest trade
deficit with China: $5.2 billion in 2008 Domestic shipments
declined by less than one percent: The estimated
value of domestic shipments decreased by 0.8 percent in
2008, to $266.4 billion.
Broader domestic data, such as that normally contained in
SPI’s Size and Impact of the Plastics Industry on the U.S.
Economy report is not yet available for 2008. As is the case
every five years, the release of the underlying source data for
this report has been delayed as the Census Bureau focuses
on the 2007 Economic Census. As a result, SPI will not be
releasing an updated version of its Size and Impact of the
Plastics Industry on the U.S. Economy report in 2009.
“Despite the significant decline in exports during the
fourth quarter, the 2008 trade data show that the U.S.
plastics industry was more competitive than ever,” said SPI
Senior Director for International Trade and Trade Counsel
Neil Pratt. "And while exports have remained significantly
down in 2009, plastics exports through July have shown
steady increases for six straight months, rebounding more
than 30 percent from their January 2009 low."
SPI’s 2008 Global Business Trends report is free to SPI
members, government agencies and academic institutions.
It is available for purchase at the Plastics E-Store.
For more information, contact Barry Eisenberg,
The Society of the Plastics Industry, Inc., 1667 K St., NW,
Suite 1000, Washington, DC 20006, 202-974-5210, Fax:
202-296-7005, E-mail: beisenberg@plasticsindustry.org,
Web: www.plasticsindustry.org.
|