June 2023 Sees 8% Growth in United States’ Machine Tool Imports Reaching $735M
U.S. Machine Tool Imports
In June 2023, purchases abroad of machine tools decreased by -3.9% to 33K tons, falling for the second consecutive month after two months of growth. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 with an increase of 17% month-to-month.
In value terms, machine tool imports rose sharply to $735M (IndexBox estimates) in June 2023. The total import value increased at an average monthly rate of +1.1% from June 2022 to June 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain months. The growth pace was the most rapid in November 2022 when imports increased by 13% m-o-m.
Imports by Country
China (6.9K tons), Japan (5.8K tons) and Taiwan (Chinese) (3.5K tons) were the main suppliers of machine tool imports to the United States, together comprising 49% of total imports. These countries were followed by South Korea, Italy and Germany, which together accounted for a further 26%.
From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Japan ($161M), Germany ($135M) and Italy ($75M) appeared to be the largest machine tool suppliers to the United States, together comprising 51% of total imports.
Italy, with a CAGR of +4.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
In June 2023, the machine tool price amounted to $22,152 per ton (CIF, US), rising by 12% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +2.0%. The growth pace was the most rapid in September 2022 an increase of 15% month-to-month. The import price peaked at $23,085 per ton in December 2022; however, from January 2023 to June 2023, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Germany ($48,611 per ton), while the price for India ($6,087 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Germany (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.