United States Experiences Surging $208K Export of Patent Leather in June 2023
U.S. Patent Leather Exports
In June 2023, overseas shipments of patent leather, patent laminated leather and metallized leather decreased by -6.8% to 11K square meters, falling for the third month in a row after four months of growth. Over the period under review, exports saw a pronounced curtailment. The pace of growth was the most pronounced in March 2023 with an increase of 453% against the previous month. As a result, the exports attained the peak of 190K square meters. From April 2023 to June 2023, the growth of the exports remained at a lower figure.
In value terms, patent leather exports skyrocketed to $208K (IndexBox estimates) in June 2023. Overall, exports showed a pronounced setback. The most prominent rate of growth was recorded in February 2023 with an increase of 98% month-to-month. Over the period under review, the exports reached the peak figure at 1.1M square meters in April 2023; however, from May 2023 to June 2023, the exports failed to regain momentum.
Exports by Country
Mexico (9.4K square meters) was the main destination for patent leather exports from the United States, with a 83% share of total exports. Moreover, patent leather exports to Mexico exceeded the volume sent to the second major destination, Italy (2K square meters), fivefold.
From June 2022 to June 2023, the average monthly rate of growth in terms of volume to Mexico totaled -2.4%.
In value terms, Mexico ($159K) remains the key foreign market for patent leather exports from the United States, comprising 76% of total exports. The second position in the ranking was held by Italy ($50K), with a 24% share of total exports.
From June 2022 to June 2023, the average monthly rate of growth in terms of value to Mexico stood at -2.1%.
Export Prices by Country
In June 2023, the patent leather price stood at $18.3 per square meter (FOB, US), with an increase of 36% against the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in April 2023 when the average export price increased by 242% m-o-m. The export price peaked at $21.3 per square meter in October 2022; however, from November 2022 to June 2023, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In June 2023, the country with the highest price was Italy ($25.4 per square meter), while the average price for exports to Mexico amounted to $16.8 per square meter.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+4.3%).
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