PLASTICS releases Global Trends report 

The Plastics Industry Association (PLASTICS) released its annual Global Trends report Wednesday, during the inaugural National Plastics Conference in Houston. 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 health care, transportation, construction and consumer goods,” PLASTICS Chief Economist Perc Pineda said.  

The report says the U.S. plastics industry trade balance in 2023 was a $958 million surplus. The U.S. resin industry’s surplus rose 3.3 percent to $23.8 billion. 

China was the third-largest export market in 2023, at $7.3 billion, up 6.3 percent from 2022. 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.  

The executive summary notes the following statistics on plastics machinery and molds: 

• The U.S. plastics machinery industry registered a $2.1 billion trade deficit in 2023, down from $2.3 billion in 2022. Exports rose 11.1 percent and imports fell 1.3 percent. 

• The industry had its largest surplus with Mexico, $323 million, and its largest deficit with Germany, at $921 million. 

• Exports of machinery accounted for 28.9 percent of domestic shipments, while imports made up 74.4 percent. 

• Apparent consumption of plastics machinery decreased by 5.2 percent, from $7.2 billion in 2022 to $6.8 billion in 2023. Domestic shipments fell 4 percent. 

• U.S. machinery producers held a 48.8 percent market share (as a percentage of apparent consumption) in 2023, down from 50.9 percent in 2022. 

• The U.S. mold making industry had a $1.5 billion trade deficit in 2023, 0.1 percent less than the deficit in 2022. 

• Mold exports fell 0.8 percent, while imports decreased by 0.3 percent. 

• Apparent consumption of molds for plastics rose 6.7 percent, from $4.9 billion in 2022 to $5.3 billion in 2023. 

• U.S. mold makers held a 60.7 percent market share (as a percentage of apparent consumption) in 2023, up from 57.9 percent in 2022. 

The executive summary and full report are available to PLASTICS members at www.plasticsindustry.org/data-report/global-trends-2024/.