U.S. Mechanical Power Transmission Equipment Imports

After two months of growth, purchases abroad of mechanical power transmission equipment decreased by -6.3% to 21K tons in May 2023. Overall, imports continue to indicate a slight reduction. The pace of growth appeared the most rapid in July 2022 when imports increased by 23% against the previous month. As a result, imports attained the peak of 34K tons. From August 2022 to May 2023, the growth of imports remained at a somewhat lower figure.

In value terms, mechanical power transmission equipment imports expanded markedly to $262M (IndexBox estimates) in May 2023. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2022 when imports increased by 14% month-to-month. As a result, imports attained the peak of $277M. From August 2022 to May 2023, the growth of imports failed to regain momentum.

Imports by Country

In May 2023, China (5.8K tons) constituted the largest supplier of mechanical power transmission equipment to the United States, accounting for a 28% share of total imports. Moreover, mechanical power transmission equipment imports from China exceeded the figures recorded by the second-largest supplier, India (2.2K tons), threefold. South Korea (1.9K tons) ranked third in terms of total imports with a 9.3% share.

From May 2022 to May 2023, the average monthly growth rate of volume from China totaled -3.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: India (-0.3% per month) and South Korea (-1.0% per month).

In value terms, the largest mechanical power transmission equipment suppliers to the United States were China ($37M), Germany ($36M) and Japan ($31M), with a combined 40% share of total imports. Mexico, Canada, India and South Korea lagged somewhat behind, together comprising a further 32%.

Among the main suppliers, Mexico, with a CAGR of +3.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In May 2023, the mechanical power transmission equipment price amounted to $12,709 per ton (CIF, US), with an increase of 16% against the previous month. Over the period under review, import price indicated a modest expansion from May 2022 to May 2023: its price increased at an average monthly rate of +1.3% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on May 2023 figures, mechanical power transmission equipment import price decreased by -6.0% against January 2023 indices. The pace of growth was the most pronounced in January 2023 an increase of 24% against the previous month. As a result, import price reached the peak level of $13,523 per ton. From February 2023 to May 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Germany ($22,906 per ton), while the price for South Korea ($5,283 per ton) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Germany (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform