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U.S. Economic Slowdown Likely Ahead as Monetary Policy Actions Begin to Take Effect


U.S. Economic Slowdown Likely Ahead as Monetary Policy Actions Begin to Take Effect

Rebound in labor force participation a bright spot for businesses and a key to economic recovery.

The U.S. economy continues to defy gravity and remains strong despite lingering inflationary pressures, higher borrowing costs and a barrage of other headwinds. Consumers continue to spend aggressively on services, businesses are still investing and the labor market remains incredibly strong. Secure jobs are the most important element in consumer spending and well-employed Americans have powered the economic recovery for three years.

However, looming risks to the economy are increasing in number and size. According to a new quarterly report from CoBank’s Knowledge Exchange, the full impact of monetary policy actions—raising interest rates, quantitative easing and contracting the money supply—have yet to be felt. Those policy actions, combined with depleted consumer savings, tighter commercial bank lending standards and the persistently inverted yield curve are likely to result in a mild recession by the fourth quarter of 2023.

The labor market remains relatively tight, but the situation has improved significantly as female and non-native workers have stormed back into the work force. The labor force participation rate for women between the ages of 25-54 now stands at an all-time high, up more than 4 percentage points from the low in April 2020.

Foreign-born employment has increased at roughly double the pace of native-born employment since April 2020. The successes in these two groups have been critical so far in the economic recovery. But looking forward, it raises the question of how many more workers are available to be coaxed in off the sidelines. Ultimately, the U.S. labor force challenges are far from over.

Grains, Farm Supply & Biofuels 

With the corn and soybean growing season in full swing, drought across the Central U.S. is driving heightened seasonal market volatility. Markets are balancing the quickly deteriorating crop conditions against the potential for El Nino to bring wetter conditions later in the growing season. Wheat harvest is advancing northward in the U.S. and is revealing high variability in crop quality. USDA expects the U.S. hard red winter wheat crop to be the smallest since 1957 on substantially higher abandonments and lower yields.

Ag retailers faced a more challenging environment in the second quarter as fertilizer prices continued to fall. Prices were weighed down by reduced demand, as farmers took advantage of pre-payment programs last fall to purchase fertilizer in advance. Despite an overall slowdown in inflation, ag retailers continued to face rising costs, especially for property insurance. Grain and farm supply cooperatives paid about 50% more for property and casualty insurance coverage during the January and April 2023 renewal seasons.

The ethanol complex delivered strong second quarter results with steady production and above-average profitability. Operating margins averaged 45 cents per gallon, nearly double the long-term average. While the finalized blending requirements under the Renewable Fuel Standard (RFS) were somewhat disappointing for ethanol, they were incrementally positive for biomass-based diesel. The new rules call for 2.82 billion gallons of biodiesel and renewable diesel in 2023 and 3.35 billion gallons in 2025.

Animal Protein & Dairy

As the summer grilling season kicked off, beef demand remained incredibly resilient despite elevated prices for consumers. Retail beef prices averaged $7.50 per pound in May, a record high for the period, and an increase of 2% year-over-year. Robust demand combined with tighter cattle supplies spurred market momentum for cattle. Fed cattle values reached record levels, above $180 per cwt. and feeder cattle shot above $240 per cwt. While consumers have yet to balk at higher beef prices, things could quickly change when seasonal support wanes.

Excess hog supply and weak pork demand put hog prices in jeopardy this spring. After a steady start to the year, the CME lean hog index tumbled about $10 per cwt., to $72 from mid-March to late April. However, more favorable market conditions across the animal protein segment drove lean hog values up 30% through May and June. While still down about $15 year-over-year, the pork cutout landed in the upper $90s, gaining about $20 per cwt. through the quarter.

Domestic chicken consumption was up about 4% year-over-year through June 1, which has helped chip away at elevated cold storage holdings. Wholesale broiler meat prices have largely rebounded to pre-pandemic levels, following significant declines in late 2022 and early 2023. Feed costs have come down about 10% from last year but remain well above their historic averages. For broiler integrators, increased feed costs coupled with higher operational expenses have crimped profitability.

U.S. milk producers continue to struggle in the current price environment. The national all-in mailbox milk price has dropped below the $20 per cwt. mark after averaging $25.34 per cwt. in 2022. While several factors are to blame for this year’s milk price decline, the sharp drop in American/cheddar-style cheese prices is the most significant. Prices for the category have dropped by one-third since the beginning of the year. Milk and feed futures suggest producer profitability should improve considerably by October when Class III milk prices are anticipated to increase by about $3 per cwt.

Cotton, Rice & Specialty Crops

U.S. cotton production is rebounding from last year’s crop that was devastated by extreme drought across the southwest. Recent rainfall in top-producing Texas is expected to reduce abandonment following three years of severe drought. The U.S. cotton crop is now estimated at 16.5 million bales, up 14% from last year. Price inflation for clothing and apparel in the U.S. continues to ease with the moderation of cotton prices, which may work to draw in new consumer demand.

U.S. rice production is expected to recover from last year’s small crop, although concerns over dryness and worsening conditions in the mid-South have led to increased volatility of rough rice prices. With improved water availability this year, California medium grain rice production is also expected to rebound with planted acreage at 465,000 acres. That’s a substantial increase from last year’s planted acreage of 220,000 acres that were restricted by historic drought conditions.

Sugar prices remain historically high as markets ration tight global supplies. USDA currently calls for a rebound in world sugar production for 2023-2024, but concerns are growing that El Nino will result in smaller harvests in 2023-2024. In the U.S., there is no relief in sight for high prices as wet weather delayed planting across northern states this spring, which resulted in a smaller U.S. sugarbeet crop.

The tight farm labor market continues to be especially challenging for U.S. specialty crop producers. The Federal Reserve Bank of San Francisco reported that weekly median wages for farm workers swelled to a record high $915 in April, a 24% increase from the year earlier. In June, the House Agriculture Committee created a bipartisan working group, tasked with evaluating the H-2A program and finding solutions for the labor supply challenges facing farmers.

Food & Beverage

While food manufacturers generally indicate they are back to business as usual in the post-pandemic era, many consumers continue to harbor a crisis-management mentality when it comes to food costs. Rising food prices are challenging both at-home and away-from-home food spending. The Consumer Price Index for all food in May was 6.7% higher than May 2022, while food away-from-home prices were up 8.3%. To offset higher prices, consumers are continuing behaviors initially seen during the pandemic, namely eating more meals at home. Foot traffic in restaurants remains well below pre-pandemic levels.

Power, Water & Communications

Falling fuel and energy prices have brought some much-needed relief to rural consumers, who were uniquely disadvantaged by rising energy bills in recent years. Gasoline, diesel, heating oil, natural gas and electricity all cost less than they did a year ago. Rural discretionary incomes fell by a staggering 50% from 2020 to 2022 compared to 13% for urban residents. Transportation and home energy expenses were responsible for two-thirds of the inflationary divide between rural and urban households.

Microsoft, Google and Meta are investing billions of dollars in artificial intelligence applications, which have exploded onto the scene in recent months. Applications like ChatGPT will dramatically increase the need for data processing capacity, fiber network connectivity and other communications infrastructure. Telecommunications operators in rural and smaller cities are well positioned to meet this growing need, as data storage and computation needs to occur in near proximity to where AI applications are run.

Read The Quarterly. Each CoBank Quarterly provides updates and an outlook for the Macro Economy and U.S. Agricultural Markets; Grains, Biofuels and Farm Supply; Animal Protein; Dairy; Cotton and Rice; Specialty Crops; Food & Beverage industries and Rural Infrastructure.


New Malaysian Ambassador Resorts to Trade and Economic Diplomacy to Strengthen Bilateral Ties with the U.S. 

Malaysia’s new ambassador in Washington DC, Mohamed Nazri bin Abdul Aziz, underscored the importance of forging closer trade and economic cooperation with the U.S., adding that he would also reach out to U.S. trade and industry associations and the corporate sector  to highlight business and investment opportunities in Malaysia. 

“Promoting trade and economic cooperation will be the focus of my work in the United States where Malaysia has over the years built up a network of contacts with a number of institutions and, generally, within the business community,” Nazri said in an interview with The Global Trade Magazine on the sideline of a recent event held at Malaysia’s permanent mission to the UN in New York where he addressed the Malaysian diaspora.  Amir Farid Abu Hasan, the Malaysian consul general in New York, moderated the meeting between the ambassador and the Malaysian diaspora. 

“Our aim is to further increase trade with the United States … I have been engaging with the USABC (the United States-ASEAN Business Council, an advocacy group whose objective is to foster economic growth and trade ties between the U.S. and the ASEAN member countries)…. all the big U.S. corporations that are members in the USABC, have been investing in Malaysia,” the envoy said. Before arriving in Washington DC, Nazri had coordinated closely with USABC officials in Malaysia and also participated in the Council’s seminars.  

Nazri, who was Malaysia’s Minister of Tourism and Culture from May 2013 to May 2018, added that he also exchanged views with Malaysian businesspeople in the U.S. “Malaysian businesspeople provide useful insights …” he maintained. 

The envoy pointed out that the United States is Malaysia’s third largest trading partner after Singapore and China.  According to the latest trade figures released by the U.S. Census Bureau, Malaysia’s exports to the U.S. in 2022 amounted to $ 54.75 billion while its imports from the U.S last year were about $ 18.11 billion; Malaysia posted a trade surplus of $ 36.65 billion in bilateral trade. 

During the Jan-March first quarter of 2023, Malaysia’s exports amounted to $ 11.99 billion while imports touched $ 4.32 billion, resulting in a trade surplus of $ 7.66 billion in Malaysia’s favour. 

Malaysia’s major exports to the U.S. consist of electrical and electronic products, rubber products, optical and scientific equipment, wood products, etc., while imports from the U.S. consist of electrical and electronic products, chemicals and chemical products, machinery equipment and parts, optical and scientific equipment, etc. According to the U.S. Department of Commerce, the U.S. can potentially increase its exports of agricultural products, equipment and machinery, aerospace and defense products, healthcare, information and communication technology, renewable energy, etc.  This could benefit Malaysia because U.S. exporting companies can also consider setting up operations in Malaysia, using it as a hub for production and distribution in the ASEAN region. 

But Malaysia is not alone in vying for greater trade and investments from the United States – Indonesia, Vietnam, and the Philippines have been aggressively courting American companies and, as their recent maneuvering shows, they have intensified their courtship through exchanges of high-level visits in both directions. 

Because of its strategic location, the importance of the bloc of Southeast Asian nations called ASEAN has grown in context of the South China Sea which is witnessing a growing U.S.-China rivalry. Washington has received several high-ranking visitors from the ASEAN region – the most recent being Philippine President Ferdinand Marcos Jr – while U.S. politicians have also visited various ASEAN capitals. 

When asked to comment on Malaysia’s position in regard to the growing competition between the U.S. and China in the South China Sea, Nazri said that Malaysia maintained strict neutrality in the rivalry and “desired friendship with all countries”.  The Philippines, Vietnam and other ASEAN member countries are “not disinclined to U.S. overtures to enter into strategic cooperation”, as some experts cautiously formulate the response of some ASEAN countries.  Indeed, the Philippines is entering into defense cooperation with the United States, an old ally of the Philippines during the rule of former President Ferdinand Marcos Sr. 

“The Philippines has been a strategic partner of the U.S. while Malaysia’s focus is on trade and investments with the U.S.  We are trying to attract U.S. industry with our well-developed infrastructure, skilled manpower, lower costs and good connectivity,” Nazri said. 

Malaysian passport holders have, meanwhile, been urging the Malaysian government to get the facility of visa-free entry into the U.S.  That subject was raised by past Malaysian governments with successive U.S. administrations.  “While we will not lose sight of that goal, Malaysians should, meanwhile, get the appropriate visa and follow U.S. visa regulations for visiting the U.S.,” Nazri responded. 

Malaysia is also interested in promoting cultural, academic and people-to-people exchanges and activities.  Nazri revealed that a Malaysian tourism official will be posted at the Malaysian Embassy in Washington to promote tourism from the U.S. to Malaysia. After the closure of the Malaysian Tourism Office in New York a few years back and discontinuation of flights by Malaysian Airlines to the east coast, tourism promotion efforts seemed to have weakened.  At present, Malaysia’s Tourism Ministry has only one representation office in Los Angeles which promotes tourism from the U.S.  “We are confident that a tourism representative at the embassy (in Washington) will strengthen the overall tourism-promotion effort,” the envoy said.

trade survey

New American Express Survey Finds That More Than Three Quarters of Small Businesses Are Looking To Consolidate Their Cash Flow Management Tools

50% of small businesses believe cash flow management tool consolidation positively impacts profitability.

Our new American Express survey of 1,100 U.S. small business leaders shows that small businesses are seeking consolidated cash flow management tools to foster greater efficiency, profitability, and business growth.

Small businesses are starved for time and need business-designed tools that can make their lives easier. The data shows streamlined management from integrated, seamless cash flow tools has become critical for them.

The Current State of Cash Flow Management

This latest survey stresses the importance of product integration in cash flow management. According to the survey results, 60% of small businesses use between two to three cash flow management products to run their business with 62% spending at least five hours a week on various platforms and 18% spending 10-20 hours a week. With productivity in mind, 73% of all small businesses are considering changing cash flow management providers to consolidate their data and products into one platform.

Notably, this survey showed that 78% of all small business owners agree that having all their business cash flow management products and data in one platform would help grow their confidence as a small business owner. It also found that 84% of small business owners also say consolidating their cash flow management tools would save them time each week, with around half saying the savings would be between 3-8 hours.

 A Need for Greater Ease & Cost

Amidst economic headwinds, tailwinds, dips, and growth — cash flow management is a constant when running a business. Our latest survey data shows that ease of use (43%) and price (36%) are the top two features that small businesses believe their cash flow management tools could improve. 71% of small business owners report that consolidation of these tools would have a positive impact on efficiency for their business and 50% report that it would have a positive impact on profitability.

Time also continues to be top of mind. 68% of small business owners agree that they would like to spend less time managing their business’ cash flow – giving them more time to spend doing what they love, working on their actual business.

 The Broader Benefits of Streamlined Management

The data also shows that consolidated cash flow management tools can help boost productivity and simplify running a business. Respondents said they would feel better prepared to manage inventory (37%), solve cash-flow gaps in advance (37%) and expand their business (36%) if given the opportunity to analyze their cash flow management data all in one place.

Streamlined cash flow management can have a wide array of benefits for the small business sector, and the data indicates the importance of it to help unlock additional profit, efficiency and time for small businesses.

Brett Sussman is Vice President Head of Sales & Marketing, American Express Business Blueprint & Banking, a digital cash flow management hub designed exclusively for small businesses, which features cash flow insights, digital financial products, and an easy way to reach and manage their Business Cards.


 U.S. Imports of Bath Preparations Drop to $4.9M in February 2023

 U.S. Bath Preparations

Imports Bath preparations imports into the United States fell to 1.3K tons in February 2023, declining by -11.5% against the previous month’s figure. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in August 2022 with an increase of 125% month-to-month.

In value terms, bath preparations imports contracted to $4.9M (IndexBox estimates) in February 2023. Overall, imports continue to indicate a slight downturn. The pace of growth appeared the most rapid in August 2022 with an increase of 124% against the previous month.

 Imports by Country

In February 2023, China (768 tons) constituted the largest supplier of bath preparations to the United States, with a 60% share of total imports. Moreover, bath preparations imports from China exceeded the figures recorded by the second-largest supplier, Canada (147 tons), fivefold. The third position in this ranking was held by Pakistan (105 tons), with an 8.2% share.

From February 2022 to February 2023, the average monthly growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (-0.8% per month) and Pakistan (+63.4% per month).

In value terms, Canada ($2.3M), China ($1.7M) and the UK ($223K) were the largest bath preparations suppliers to the United States, together accounting for 84% of total imports. These countries were followed by the Dominican Republic, Vietnam, India, Pakistan and Israel, which together accounted for a further 7.1%.

Pakistan, with a CAGR of +32.2%, 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 February 2023, the bath preparations price stood at $3,859 per ton (CIF, US), rising by 1.6% against the previous month. In general, the import price, however, showed a slight curtailment. The most prominent rate of growth was recorded in November 2022 when the average import price increased by 39% month-to-month. Over the period under review, average import prices attained the peak figure at $6,375 per ton in December 2022; however, from January 2023 to February 2023, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Canada ($15,486 per ton), while the price for Pakistan ($472 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Canada (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform


U.S. Discretionary Retail Sales Revenue Fell 7% in March

Consumers demonstrate waning interest in spending amid reduced product innovation.

In March 2023, discretionary U.S. general merchandise retail sales revenue fell 7%, compared to March 2022, and unit sales fell 8%, which is double the average monthly declines in January and February. These steeper sales declines remained consistent during the last three weeks of March, spanning both units and dollars for the first time this year, according to Circana, formerly IRI and The NPD Group.

Investment in new product development was understandably put on hold due to uncertainties caused by the pandemic when most companies adjusted priorities to fulfill demand, addressed supply chain issues, and then focused on selling excess inventory. Before the pandemic, new general merchandise products represented more than 5% of the market. By the end of 2022, that number was less than 2%.

Changes in spending go deeper than the discretionary

Across discretionary general merchandise and consumer packaged goods (CPG), the trends in consumer spending and new product deficits in the marketplace have directional similarities that are intensified by elevated prices. Compounding these consumer distractions are news stories about inflation and bank insolvencies that continue to raise consumer concerns about the economy, which can adversely affect consumer sentiment and spending.

About Circana

Circana is the leading advisor on the complexity of consumer behavior. Through unparalleled technology, advanced analytics, cross-industry data and deep expertise, we provide clarity that helps almost 7,000 of the world’s leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store, and the complete wallet so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand and outpace the competition.


U.S. Small Business Administration Announces 2023 Export Lender Award Winners

Top lenders committed to increasing access to capital for small businesses entering the global marketplace

Today Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), announced its 2023 Export Lender of the Year Award winners for their efforts to increase access to capital for U.S. small businesses by providing international trade financing. This year, the SBA’s Office of International Trade selected Regions Bank and Amerant Bank as the 2023 Export Lenders of the Year, and Berkshire Bank as the 2023 International Trade Lender of the Year.

The Export Lender of the Year Awards recognize excellence in export financing. These awards highlight the accomplishments of lenders in delivering SBA’s international finance programs to small businesses, designed to help small businesses develop new markets, finance export transactions, and expand capacity to meet overseas demand.

Regions Bank – Export Lender of the Year

Headquartered in Birmingham, Alabama, Regions Bank has been the top Export Working Capital Lender by total dollar value for the past four years. In 2022, Regions Bank provided more than $36 million in financing support to small business exporters through its use of the Export Working Capital Program (EWCP) and International Trade Loan programs. With the addition of its new loans in 2022, Regions Bank maintained the largest active EWCP portfolio nationally. This is Regions Bank’s second Export Lender of the Year selection as the institution was also recognized with the award in 2019.

Amerant Bank – Export Lender of the Year

Amerant Bank is headquartered in Coral Gables, Florida, with operations throughout South Florida and Houston, Texas. With a growing SBA department, Amerant Bank placed the export loan programs as a central part of their strategy with export loans accounting for more than half of their commitments. In 2022, Amerant Bank provided more than $20 million in financing support to small business exporters through their use of the EWCP and Export Express programs. With strong growth under the EWCP program, Amerant applied for delegated authority in 2023.

Berkshire Bank – International Trade Loan (ITL) Lender of the Year

Based in Boston, Berkshire Bank provided $15 million in financing support to small business exporters through their use of SBA’s International Trade Loan Program, one of SBA’s core export loan programs.  For the past several years, Berkshire Bank has been an active user of SBA’s domestic and export loan programs and approved 193 SBA loans totaling $200 million in 2022.  This is Berkshire Bank’s second Export Lender award as the institution was recognized as an Export Lender of the Year in 2019.

U.S. exports are important to the nation’s economy, with 97.4% of all exporters being small businesses. During the fiscal year 2022, the SBA guaranteed $423 million in financing to small business exporters, which supported over $1.6 billion in export sales.

2023 Will be Bumpy - These Dividend ETFs Can Smooth the Ride  consumer

$2.9 Trillion U.S. Consumer Retail Market is Set for Repositioning, Reports Circana

Don Unser and Marshal Cohen discuss the importance of looking across aisles and beyond industry lines at Growth Summit 2023

Consumer demand is declining across nearly every U.S. discretionary general merchandise and consumer packaged goods (CPG) industry, even as elevated prices recede from peak levels. At the Growth Summit 2023, presented by Circana, formerly IRI and The NPD Group, Don Unser and Marshal Cohen look below the surface of current retail performance in this $2.9 trillion market, exploring the possibilities for repositioning retail in the year ahead.

Indicators of change to learn from

  • There is an expanded competitive landscape for consumer spending. Discretionary general merchandise purchases are now being challenged not only by alternatives within respective industries, but also by elevated CPG prices.
  • Last year brought a new holiday shopping cadence to retailing in the U.S. The fourth quarter 2022 holiday shopping season’s peak week happened later than ever and secondary retail shopping peaks for holidays, like Valentine’s Day and Easter are not reaching the same heights.
  • Shifts in industry performance illustrate purchase prioritization. Many peak pandemic performers, like technology, are among the most challenged industries, while those, like beauty, that support the consumer’s investment in themselves are faring better.

About Circana

Circana is the leading advisor on the complexity of consumer behavior. Through unparalleled technology, advanced analytics, cross-industry data and deep expertise, we provide clarity that helps almost 7,000 of the world’s leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store, and the complete wallet so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand and outpace the competition.

drones market

The Demand in the US Market is being Driven by the Expanding use of LiDAR Drones in Mining, Agriculture, Inspections, Law Enforcement, and Archaeology

As per Future Market Insights, the global LiDAR drone market size reached US$ 147.0 million in 2022. Overall LiDAR drone sales are set to accelerate at 19.8% CAGR between 2022 and 2032. By 2032, the total LiDAR drone market valuation will reach around US$ 892.0 million.

Rotary wing drones will remain the top-revenue generation category during the assessment period. The rotary wing LiDAR drones segment is likely to expand at 19.7% CAGR through 2032.

Rising usage across mining and agricultural industries is driving LiDAR drone demand. For drone-makers, growing investments in agricultural surveillance, mining surveillance, and road traffic surveillance will create enormous growth prospects.

LiDAR drones are extensively used in the mining industry to make the workflow smooth. They also enhance workers’ safety and help avoid accidents. Hence, the expansion of the mining industry will elevate LiDAR drone demand through 2032.


LiDAR drones are also gaining wider popularity in precision agriculture applications. Rapid shift towards modern agricultural practices will thus create lucrative opportunities for manufacturers.

Increasing government initiatives encouraging the use of LiDAR drones for surveys and law enforcement will boost LiDAR drone sales.

Key Takeaway:

  • The worldwide LiDAR drone market size will reach US$ 892.0 million by 2032.
  • Global LiDAR drone sales are set to rise at 15.9% CAGR through 2033.
  • By drone type, rotary wing drone demand will increase at 19.7% CAGR between 2022 and 2032.
  • Based on LiDAR type, the topographic segment is likely to expand at 19.6% CAGR.
  • The United States LiDAR drone market is forecast to reach a valuation of US$ 258.2 million in 2032.
  • Sales of LiDAR drones across South Korea are set to surge at 20.2% CAGR through 2032.
  • The United Kingdom LiDAR drone market will progress at 18.8% CAGR.
  • LiDAR drones demand across China is likely to rise at 20.8% CAGR over the next ten years.

“Widening application area of LiDAR drones will play a key role in boosting the global market through 2033.” Says a lead Future Market Insights analyst.

Regional Analysis

The United States lies at the center stage of LiDAR drone revenue growth. As per Future Market Insights, the United States LiDAR drone market size will reach US$ 300  million by 2032.

Overall LiDAR drone sales across the USA are forecast to rise at 17.9% CAGR through 2032. Between 2022 and 2032, the United States market is set to create an absolute $ opportunity of US$ 208.5 million. The USA LiDAR drone market expanded at a CAGR of 24.8% from 2017 to 2022.

The rising application of LiDAR drones in mining, agriculture, inspections, law enforcement, and archaeology is driving the United States market.

Who is Winning?

Key LiDAR drone manufacturers are constantly developing effective high-resolution scanning solutions. They are focused on their alliances with AI companies, technology collaborations, and product launch strategies.

Recent Developments:

  • In 2022, Censys Technologies integrated LiDAR technology into their fixed-wing vertical take-off and landing drone (VTOL).
  • In September 2022, Faro Technologies completed the transactions of buying United Kingdom-based Company GeoSLAM Ltd. GeoSLAM Ltd is a provider of mobile scanning solutions.
United States Mint

2023 United States Mint Congratulations Set Available March 2

The 2023 United States Mint (Mint) Congratulations Set will be available for purchase beginning on March 2, 2023, at noon EST. Production is limited to 40,000 sets.  Orders are limited to three sets per household.

Priced at $82, this unique set is perfect for celebrating any special occasion or milestone.  The set features a 2023-dated American Eagle Proof Silver Dollar bearing the “W” mint mark of the West Point Mint where it was produced.  The obverse (heads) of the coin displays sculptor Adolph A. Weinman’s full-length figure of Liberty in full stride, enveloped in folds of the flag, with her right hand extended and branches of laurel and oak in her left.  Inscriptions are “LIBERTY,” “IN GOD WE TRUST,” and “2023.”The coin’s reverse (tails) displays a rendition of a majestic bald eagle as it approaches a landing, carrying an oak branch, as if to add it to a nest.  Inscriptions include “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” “1 OZ. FINE SILVER,” and “ONE DOLLAR.”  United States Mint Artistic Infusion Program Designer Emily Damstra created the reverse design, which United States Mint Medallic Artist Michael Gaudioso sculpted.

The coin is offered in an attractive presentation folder with a coordinating sleeve.  The Certificate of Authenticity is printed on the back of the presentation folder, and coin specifications are on the back of the sleeve.

To set up a REMIND ME alert for the 2023 United States Mint Congratulations Set (product code 23RF), visit

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, the United States Mint will not accept and will not honor orders placed prior to the official on-sale date of March 2, 2023, at noon EST.

About the United States Mint

Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873.  As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce.  The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins.  Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

United States Mint

United States Mint Announces Release of Third Coin in Platinum Proof Series Celebrating Five Freedoms of the First Amendment

The United States Mint (Mint) announced today that it is releasing the third coin in the five-year First Amendment to the United States Constitution Platinum Proof Coin Series on February 23, 2023, at noon (EST).  Mintage is limited to 12,000 coins.  There is no household order limit.

Launched in 2021 and continuing through 2025, the First Amendment to the United States Constitution Platinum Proof Coin Program reflects the five freedoms enumerated in the First Amendment to the United States Constitution:  “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.”This series uses the lifecycle of the oak tree from seedling to a mighty oak as a metaphor for our country’s growth as a Nation that values freedom.  Liberty grows to a thing of strength and beauty from a seed—our Bill of Rights.  Each of the freedoms enumerated in the First Amendment contributes to the growth and development of the Nation.

The obverse (heads) of the 2023 coin portrays the branch of a mature oak tree with acorns amid the inscription “WITH FREEDOM OF THE PRESS LIBERTY BEARS FRUIT.”  Additional inscriptions are “IN GOD WE TRUST,” “E PLURIBUS UNUM,” and “2023.”  It was designed by Artistic Infusion Program (AIP) Designer Donna Weaver and sculpted by United States Mint Chief Engraver Joseph Menna.

The common reverse (tails) design for this series, by AIP Designer Patricia Lucas-Morris, depicts an eagle in flight, an olive branch in its talons.  Inscriptions are “UNITED STATES OF AMERICA,” “$100,” “1 OZ.,” and “.9995 PLATINUM.”  The reverse was sculpted by United States Mint Lead Sculptor Don Everhart.

Each coin is encapsulated and inserted into a black presentation box.  An image of the obverse design is incorporated on the outer packaging sleeve and on the Certificate of Authenticity.

As with all Mint products containing a precious metal, this coin will be priced according to the range in which it appears on the Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products table. Current pricing information is available online at

About the United States Mint

Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873.  As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce.  The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins.  Its numismatic programs are self-sustaining and operate at no cost to taxpayers.