PLASTICS: Global report details U.S. trade in plastics

By PLASTICS Chief Economist Perc Pineda, Ph.D. 

Introduction

PLASTICS recently issued our 2021 Global Trend Report. This flagship publication takes a deep dive into the U.S. plastics trade with the rest of the world during the previous year and the first six months of the current year. It also provides a snapshot of the international plastics and rubber trade and a trade forecast. The report now includes PLASTICS’ Global Plastics Ranking — a ranking of the top 100 countries in the global plastics trade as determined by trade volume. Countries’ exports and imports of plastics resin, products, machinery and molds are used as proxies for their production and consumption of plastics.  

Global Plastics Ranking: China, the U.S., and Germany lead 

In 2020, China ranked first, followed by the U.S. and Germany. These countries have retained the top three positions as the world’s leaders in global plastics since the Global Plastics Ranking began. PLASTICS estimates China’s 2020 plastics trade volume at $180.2 billion. The plastics trade volume of the U.S. and Germany are estimated at $129.6 billion and $110.9 billion, respectively.  

As China’s economy expanded, so did its industrial sector, which includes plastics. China’s GDP growth averaged 8.7 percent from 2001 to 2020. The global share of China’s exports of plastics and products thereof — as broadly classified under the Harmonized Tariff Schedule (HTS) 39 — has grown significantly from 4 percent in 2001 to 16 percent in 2020. With a growing middle class, it is expected that consumption will be a higher share of China’s GDP in the coming years. This means higher growth for production and imports of plastics. China’s share of world imports of plastics has increased from 8 percent in 2001 to 11 percent in 2020. 

While the U.S. economic growth between 2001 and 2020 averaged 1.7 percent, the U.S. remains the world’s largest consumer of goods manufactured from other countries. Seventy percent of U.S. GDP is consumption. The U.S. share of world plastics imports (HTS 39) has remained stable at around 10 percent from 2001 to 2020. Its export share of plastics (HTS 39) decreased from 14 percent to 10 percent over the same period.  

Germany’s role in the global plastics industry is anchored on innovations in plastics machinery and engineered resins. Its manufacturing sector is replete with opportunities for new products and new applications for plastics. Germany’s role in the global plastics trade will remain significant. PLASTICS estimates Germany’s 2020 plastics trade volume at $110.9 billion. Like the U.S., Germany’s share of global plastics exports decreased from 13 percent in 2001 to 11 percent in 2020. Its share of global plastics imports has averaged 7.3 percent between 2001 and 2020 — with a high of 8 percent in 2008 and a low of 6.9 percent in 2004. Compared to the U.S., the percentage of consumption in Germany’s GDP is low, at 49.5 percent in Q2 2021 and 50.9 percent for Q2 2020. 

PLASTICS provides members with industry insights like this, as well as exclusive macroeconomic analysis and forecasts year-round for a tailored perspective on what might be around the corner. Learn more at www.plasticsindustry.org