Imported Motors and Generators in United States Decline by 3% to $1.6B in June 2023
U.S. Motor And Generator Imports
In June 2023, after three months of growth, there was significant decline in overseas purchases of motors and generators, when their volume decreased by -10.4% to 70M units. In general, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in October 2022 with an increase of 9.5% month-to-month. Over the period under review, imports reached the peak figure at 91M units in June 2022; however, from July 2022 to June 2023, imports remained at a lower figure.
In value terms, motor and generator imports contracted slightly to $1.6B (IndexBox estimates) in June 2023. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in March 2023 with an increase of 11% against the previous month. Over the period under review, imports reached the maximum at 1.6B units in May 2023, and then shrank in the following month.
Imports by Country
Mexico (18M units), China (14M units) and Japan (5.3M units) were the main suppliers of motor and generator imports to the United States, together accounting for 53% of total imports. These countries were followed by Switzerland, Vietnam and Canada, which together accounted for a further 16%.
From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Switzerland (with a CAGR of +1.1%), while imports for the other leaders experienced a decline.
In value terms, Mexico ($473M) constituted the largest supplier of motor and generator to the United States, comprising 30% of total imports. The second position in the ranking was held by China ($230M), with a 15% share of total imports. It was followed by Japan, with a 9.2% share.
From June 2022 to June 2023, the average monthly growth rate of value from Mexico was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-2.4% per month) and Japan (+1.9% per month).
Import Prices by Country
In June 2023, the motor and generator price amounted to $22.3 per unit (CIF, US), rising by 8.5% against the previous month. Over the period from June 2022 to June 2023, it increased at an average monthly rate of +2.2%. The most prominent rate of growth was recorded in September 2022 an increase of 16% month-to-month. Over the period under review, average import prices reached the peak figure in June 2023.
Prices varied noticeably by the country of origin: the country with the highest price was Germany ($67.4 per unit), while the price for Switzerland ($6.2 per unit) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by South Korea (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.
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