The Plastics Industry Association (PLASTICS) released its annual Global Trends report during the Association’s 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 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 chief executive officer, 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 surplus.
- The U.S. resin industry had a $23.8 billion surplus in 2023, up 3.3 percent from the $23.0 billion surplus in 2022.
- China was the industry’s third largest export market in 2023, with exports totaling $7.3B, a 6.3 percent increase from 2022. However, the U.S. plastics industry had its largest trade deficit with China – $11.4 billion in 2023, down from $16.5 billion in 2022.
- Mexico and Canada remained the largest export markets for the U.S. plastics industry in 2023, with exports totaling $19.5 billion to Mexico and $14.4 billion to Canada.
Interested parties will find the Global Trends report and its accompanying dataset provide a uniquely comprehensive account of U.S. plastics exports and imports worldwide in each of the four categories of the plastics industry – resin, products, machinery and molds. The report is also the only plastics trade report that includes trade analysis outlining the movement of resins and plastics that are embedded in goods that the U.S. both exports and imports.