Trade Surplus Plummets as Exports Decline, but still Remains at Approximately 1.3 Billion USD

Building Of Ships And Floating Structures June 02, 2016
Author: Sergey Avramenko
Head of Global Markets Research Team

The U.S. takes seventh place in global exports of ships, barges, and platforms with a 2% share (based on USD), following Korea (30%), China (20%), Japan (10%), Poland (4%), India (4%), and Germany (3%). In 2015, the U.S. exported 2,671 USD worth of ships, barges, and platforms, showing an 11% decline from the previous year's value.

U.S. exports of ships, barges, and platforms showed mixed dynamics from 2007 to 2015. A slight decline in 2009 was followed by recovery growth over the next two years, until exports rocketed to their peak level in 2012. Exports turned downward after 2012, falling to 2,671 million USD.

In 2011, U.S. imports of ships, barges, and platforms overcame the pre-recession level of 2008. However, after several fluctuations, exports returned to the level only slightly above the levels of 2008 and 2011.

In 2015, Canada (14%), Singapore (12%), and Egypt (10%) were the main destinations of U.S. exports of ships, barges, and platforms. Singapore's share of exports increased by +10.4 percentage points, while the shares of other major destinations showed more moderate paces of growth between 2007 and 2015.

The U.S. was a net exporter of ships, barges, and platforms from 2007 to 2015. Moreover, exports grew faster than imports on average over the period under review.

Net US exports of ships, barges, and platforms showed significant fluctuations over the period under review. The overall trend was positive from 2007 to 2010, but a plunge in 2015 makes it impossible to track a strong upward trend. Nonetheless, this industry ran a significant trade surplus of 1,268 million USD in 2015, which amounted to approximately 47% of gross exports.

Source: U.S. Ships, Barges, And Platforms Market. Analysis And Forecast to 2020