U.S. Heating Equipment Import Rises 2%, Averaging $116M in March 2023
U.S. Heating Equipment Imports
In March 2023, approximately 9.4K tons of heating equipment (except warm air furnaces) were imported into the United States; with a decrease of -19.7% on February 2023. Over the period under review, imports showed a deep contraction. The pace of growth appeared the most rapid in July 2022 when imports increased by 6.8% month-to-month.
In value terms, heating equipment imports expanded slightly to $116M (IndexBox estimates) in March 2023. In general, imports showed a pronounced decline. The most prominent rate of growth was recorded in July 2022 when imports increased by 11% month-to-month.
Imports by Country
In March 2023, China (5.9K tons) constituted the largest supplier of heating equipment to the United States, accounting for a 62% share of total imports. Moreover, heating equipment imports from China exceeded the figures recorded by the second-largest supplier, Canada (720 tons), eightfold. The third position in this ranking was taken by Taiwan (Chinese) (361 tons), with a 3.8% share.
From March 2022 to March 2023, the average monthly growth rate of volume from China totaled -9.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (-1.1% per month) and Taiwan (Chinese) (-14.3% per month).
In value terms, the largest heating equipment suppliers to the United States were Canada ($25M), China ($24M) and Germany ($18M), together comprising 58% of total imports. These countries were followed by the UK, South Korea, the Netherlands, Mexico, Italy, Japan and Taiwan (Chinese), which together accounted for a further 26%.
Japan, with a CAGR of +5.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.
Import Prices by Country
In March 2023, the heating equipment price stood at $12,278 per ton (CIF, US), with an increase of 27% against the previous month. Over the period under review, import price indicated a pronounced expansion from March 2022 to March 2023: its price increased at an average monthly rate of +3.8% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on March 2023 figures, heating equipment import price decreased by -3.7% against January 2023 indices. The import price peaked at $12,749 per ton in January 2023; however, from February 2023 to March 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In March 2023, the country with the highest price was Germany ($63,706 per ton), while the price for Taiwan (Chinese) ($3,086 per ton) was amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Mexico (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.
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