U.S. Internal Combustion Engines Exports

Internal combustion engines exports from the United States expanded markedly to 39K units in May 2023, picking up by 11% against the previous month’s figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when exports increased by 13% m-o-m. Over the period under review, the exports reached the maximum at 42K units in June 2022; however, from July 2022 to May 2023, the exports failed to regain momentum.

In value terms, internal combustion engines exports expanded significantly to $446M (IndexBox estimates) in May 2023. Over the period under review, exports, however, recorded a pronounced descent. The pace of growth was the most pronounced in March 2023 when exports increased by 12% m-o-m. Over the period under review, the exports attained the maximum at 608M units in June 2022; however, from July 2022 to May 2023, the exports remained at a lower figure.

Exports by Country

Mexico (25K units) was the main destination for internal combustion engines exports from the United States, accounting for a 63% share of total exports. Moreover, internal combustion engines exports to Mexico exceeded the volume sent to the second major destination, Canada (7.6K units), threefold. The UK (1.9K units) ranked third in terms of total exports with a 5% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of volume to Mexico amounted to -2.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (+3.0% per month) and the UK (+11.3% per month).

In value terms, Mexico ($301M) remains the key foreign market for internal combustion engines exports from the United States, comprising 68% of total exports. The second position in the ranking was taken by Canada ($77M), with a 17% share of total exports. It was followed by the UK, with a 4.1% share.

From May 2022 to May 2023, the average monthly growth rate of value to Mexico amounted to -3.9%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (+3.2% per month) and the UK (+9.5% per month).

Export Prices by Country

In May 2023, the internal combustion engines price stood at $11,513 per unit (FOB, US), almost unchanged from the previous month. Overall, the export price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in October 2022 when the average export price increased by 3.2% against the previous month. The export price peaked at $14,407 per unit in June 2022; however, from July 2022 to May 2023, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Australia ($12,808 per unit), while the average price for exports to Chile ($7,997 per unit) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform