Robust Growth continues in US Imports of Machinery

Double-digit trend growth for almost all sectors in Q1-2022

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Industrial equipment Conjuncture United States of America Global economic trends

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The US market is showing a continuation of the expansionary phase in demand for machinery

In the first few months of 2022, global demand for investment in Machinery found a strong impetus for growth in the US market.
The latest import data from the US Census Bureau for the world's second-largest market for mechanical equipment indicate that demand for machinery is continuing to accelerate.
After a significant recovery in 2021 (+17.4% in euro terms), foreign sales of machinery to the US market rose by +24.2% in euro terms in the first quarter of 2022 (+15.6% in $), according to ExportPlanning's pre-estimates.
The trend increase, which allowed US imports of Machinery to reach a new high point on an annual cumulative basis, corresponds to a gain of almost EUR 1.5 billion over Q1-2021.


Double-digit percentage growth in the US market for almost all major Machinery' sectors

In the first quarter of 2022, all the main Machinery sectors showed positive trends, with the only partial exception of Packaging Machinery (whose trend values in euros contracted slightly: -2.4%).
The trend increases in the other sectors were all double-digit percentages, with the sole exceptions of Extrusion Machinery (whose trend growth stopped at +3.6%) and Textile Machinery (+8.5%).

The largest contributions to US import growth in the first quarter of the year came from Semiconductor manufacturing machines, which increased by an impressive €655 million year-on-year.
Also of note were the significant growth contributions from Metalworking Machinery (+€235 million compared to Q1 2021), Food Machinery (+€160 million) and Other Special Purpose Machinery (+€211 million).

US Market: Imports of Machinery
(Year-over-Year trends in euros)

2021 1st Quarter 2022
%Change %Change Delta (Mio €)
Semiconductor manufacturing machines +16.2 +87.1 +654.5
Metalworking machine tools +11.6 +33.3 +234.8
Food machinery +22.4 +29.1 +159.8
Machine tools for hard materials +27.2 +20.0 +78.6
Textile machinery +28.9 +8.5 +63.6
Paper-making machinery +23.8 +14.5 +36.9
Metal processing machinery +2.2 +11.6 +28.6
Printing machines +10.9 +18.8 +20.0
Extrusion machinery +20.4 +3.6 +16.4
Packaging machines +12.1 -2.4 -16.1
Other special purpose machinery +15.1 +16.7 +211.3
TOTAL +17.4 +24.2 +1 488.4
Source: ExportPlanning (US Trade Datamart)

Double-digit growth rates were also recorded in the first quarter of the year for US imports of Machine Tools for hard materials (+20% over the corresponding quarter of 2021), Printing Machinery (+18.8%), Paper-making Machinery (+14.5%) and Metalworking Machine Tools.

Conclusions

The current strength of the US economic situation appears to be confirmed by an analysis of data on investment in machinery and equipment, which in the first quarter of the year saw US imports of Machinery reach values in euros that were almost 7 per cent higher than in the first quarter of 2019 (a pre-pandemic year) [corresponding to +5.3% in $ values], with trend increases generalised to (almost) all the main sectors that consolidate the significant recovery phase that took place during 2021.