NFPA recently released the 2019 U.S. Foreign Trade Data for Fluid Power Products, an annual report that summarizes foreign trade data focused on fluid power products using data collected by the United States International Trade Commission. This U.S. fluid power foreign trade data is broken down by country and product and includes a trade summary page for those who need a snapshot of the industry’s foreign trade activity.
U.S. fluid power product imports reached 8.9 billion dollars in 2019, only decreasing 2.2% compared to 2018, despite unpredictable trade policies, tariffs, and a declining 2019 global marketplace. Let’s take a deeper dive into the industry’s foreign trade landscape and examine our major import trade partners and leading U.S. fluid power product imports.
A consistent growth trend, outside of a few small dips, sums up U.S. fluid power import activity over the last 10 years. While 2019 underwent a very slight decline, the overall growth trend appears to have maintained its course.
Our top ten trading partners remained the same when compared 2018. Our top five trading partners represent nearly 65% of our industry’s imports, while our top ten trading partners represent 85%. The remaining 15% of our imports is divided among 116 other countries.
Here again, not much has changed when it comes to our top U.S. imports by fluid power product type when compared to last year. The top five fluid power products represent nearly 66% of all U.S. fluid power product imports, while the top ten represents nearly 94%.
All the data used to generate the graphs and information above can be found in NFPA’s 2019 Foreign Trade Report, an exclusive benefit of NFPA membership. This report is now available on the NFPA website.
Putting It All Together – What to Expect in 2020
Current conditions in the global marketplace as a result of the coronavirus epidemic has introduced the expectations of a significant drop in U.S. imports for 2020. The U.S. shutdown, resulting in lower production levels, will limit demand from the global marketplace and equate to lower U.S. import levels in 2020.
There are a number of resources available that can help members get an idea of what to expect:
- For additional information about the coronavirus’s effect on the US and global economy (exclusively for NFPA Members), please CLICK HERE.
- Geopolitical expert and NFPA conference favorite Peter Zeihan has also put together a piece on coronavirus’s effects on Europe and what to expect moving forward, available here.
Questions? Contact Eric Armstrong at email@example.com or (414) 778-3372. Eric Armstrong also offers a Market Information Resource Walk-Through Webinar for those individuals who interested in learning more about the valuable resources available with your NFPA membership.