The export market of construction machinery built in the United States was very successful last year showing an increase of 28 per cent compared to that of the previous year. According to the Association of Equipment Manufacturer (AEM), this was $16.4 billion equipments in total that were sold worldwide. The International AEM is a North American based trade group which consolidates data from the Commerce Department of U.S. with that of other sources to prepare a quarterly trends report regarding export.
The Senior Vice President of the AEM, Al Cervero, said that the global trade is essential to their industry as the sales from exports help sustain quite a lot of companies as the country still faces a domestic upturn which is quite fragile. While this year’s numbers look great, it must be remembered that in 2009, there was a decline of more than 38 per cent.
He also added that it is important to allow the pending agreements of free trade with Panama, Korea and Columbia to pass through so that they can help the manufacturers create more jobs in the U.S. by selling these products to various international buyers. The countries exports business to the European markets grew by 23 per cent to bring in a total of $1.88 billion, while the exports to the Asian market grew by 10 per cent to bring in a total of $2.2 billion.
The exports of construction machinery to South America saw an increase of 31 per cent in the year 2010 to bring in a total of $3.1 billion, while the exports of construction machinery to Central America showed an increase of 24 per cent and brought in a total of $1.6 billion.
The largest exports of construction machinery built in the United States was to the markets of Australia/ Oceania which saw an increase of 66 per cent and brought in a total revenue of $1.6 billion. The construction machinery export business however saw a decline only in the African market which saw a drop of 5 per cent in exports for a total worth of $934 million of purchases. Meanwhile the exports of construction machinery to the Canadian market saw an increase of 39 per cent and brought in a total of $5.1 billion.
All this was essential, in the export business of the construction machinery segment of the U.S. increasing by 28 per cent; however it has not yet surpassed the downfall of 2009′s drop of 38 per cent in exports.