Exports of US-manufactured construction equipment were down 24% for the first half of 2016, compared to the same period a year ago, according to the Association of Equipment Manufacturers (AEM).
The association said that US$ 5.65 billion of construction equipment was exported to global markets during the first six months of the year.
The only region which saw an increase was Europe, up 2%, to US$ 898 million. Meanwhile, Canada – the US’s biggest export market – dropped 23% to US$ 2.4 billion.
The biggest fall came from South America, at 49%, to US$ 504 million. There were also falls in Africa (43%), Australia/Oceania (30%), Asia (28%) and Central America (7%).
Benjamin Duyck, director of market intelligence, AEM, said, “For the past 14 quarters, US exports of construction equipment have declined year-on-year and, at the midpoint in 2016, that trend remains unchanged.
“With the global economic malaise, the slowdown in emerging markets and the negative interest rates in several economies’ bond markets, investment is flowing to the US and US stocks, driving up demand for the US dollar, inadvertently affecting our competitiveness abroad.”