June 2023 Sees U.S. Imports of Welding and Soldering Equipment Surge to $133M
U.S. Welding And Soldering Equipment Imports
After two months of decline, purchases abroad of welding and soldering equipment increased by 4.5% to 5.5K tons in June 2023. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in March 2023 with an increase of 29% m-o-m.
In value terms, welding and soldering equipment imports rose remarkably to $133M (IndexBox estimates) in June 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 when imports increased by 19% month-to-month. As a result, imports reached the peak of $167M. From December 2022 to June 2023, the growth of imports remained at a lower figure.
Imports by Country
China (855 tons), South Korea (764 tons) and Canada (715 tons) were the main suppliers of welding and soldering equipment imports to the United States, together comprising 42% of total imports. Japan, Vietnam, Mexico and Italy lagged somewhat behind, together comprising a further 33%.
From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +2.2%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Canada ($16M), Japan ($16M) and China ($15M) constituted the largest welding and soldering equipment suppliers to the United States, with a combined 36% share of total imports. These countries were followed by Mexico, South Korea, Italy and Vietnam, which together accounted for a further 21%.
South Korea, with a CAGR of +4.9%, saw the highest rates of growth with regard to the value of imports, among 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 welding and soldering equipment price stood at $24,041 per ton (CIF, US), growing by 1.9% against the previous month. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2023 an increase of 18% m-o-m. The import price peaked at $28,683 per ton in February 2023; however, from March 2023 to June 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Germany ($87,838 per ton), while the price for Vietnam ($1,960 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 Italy (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.