U.S. Plastics Industry Attains Trade Surplus in 2023: Key Insights

Global Trends Report U.S. plastics sector posts 958 million dollar trade surplus in 2023

2024-10-23 Source: Plastics Industry Association | Translated by AI 1 min Reading Time

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The U.S. plastics industry posted a trade surplus in 2023 for the first time in three years, according to the Plastics Industry Association at its National Plastics Conference. Their Global Trends report highlighted a $958 million surplus, driven by strong growth in resin exports.

The U.S. resin industry had a 23.8 billion dollar surplus in 2023.(Source: free licensed / Pixabay) — The U.S. resin industry had a 23.8 billion dollar surplus in 2023.
(Source: free licensed / Pixabay)

The Plastics Industry Association (Plastics) released its annual Global Trends report during the Association’s inaugural National Plastics Conference in Houston, Texas. The report notes a U.S. plastics trade surplus after a three-year deficit.

"Plastics manufacturing is a global industry, and the over 1.5 trillion dollar trade volume between countries in 2023, as highlighted in the Global Trends report, clearly demonstrates the industry's capacity to meet global consumer demand across various end markets, including healthcare, transportation, construction, and consumer goods," said Plastics Chief Economist, Dr. Perc Pineda.

“The U.S. plastics industry’s position as a leader in the global plastics trade underscores the essential role of plastics and its importance across multiple industries,” said Plastics President and CEO, Matt Seaholm. “Our members are consistently innovating and investing in new technologies to enhance sustainability and efficiency while continuing to supply critical materials that improve lives worldwide.”

Among the highlights found in the Global Trends report:

The U.S. plastics industry’s trade balance turned positive in 2023, with a 958 million dollar surplus.
The U.S. resin industry had a 23.8 billion dollar surplus in 2023, up 3.3 percent from the 23.0 billion dollar surplus in 2022.
China was the industry’s third largest export market in 2023, with exports totaling 7.3 billion dollars, a 6.3 percent increase from 2022. However, the U.S. plastics industry had its largest trade deficit with China — 11.4 billion dollars in 2023, down from 16.5 billion dollars in 2022.
Mexico and Canada remained the largest export markets for the U.S. plastics industry in 2023, with exports totaling 19.5 billion dollars to Mexico and 14.4 billion dollars to Canada.
*This article was first published on our sister websiste www.ETMM-online.com

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