U.S. construction equipment exports continued to improve in 2003 with the industry shipping more than $1.86 billion worth of machinery to global markets during the second quarter of this year, a 13.2% increase compared to the first quarter and a 12.6% gain over April-June 2002 figures, according to the Association of Equipment Manufacturers (AEM). The AEM international trade group consolidates U.S. Commerce Department data with other sources into a quarterly export trends report. Exports to South and Central America rebounded compared to earlier this year; however, Asian markets were still in decline.
While exports improved during the second quarter, the construction equipment manufacturing industry's trade deficit worsened, with a trade imbalance of $214 million of imports over exports for April-June, compared with a deficit of $64 million for first quarter 2003.
Exports of construction equipment to South American markets totaled $170 million for second quarter 2003, a 20.6% increase over the previous quarter and a gain of 4.3% compared to second quarter 2002 totals. Construction machinery exports to Central America for second quarter 2003 were $181 million, and 18.4% gain compared to first quarter 2003 and a 12.3% jump compared to its purchases a year ago.
Asia took delivery of $224 million worth of construction equipment the second quarter of 2003, a 9.2% decline compared to the previous quarter and a 14.5% decline compared to second quarter 2002.
Exports to Canada totaled $726.5 million for the second quarter of 2003, a 23.7% increase over the previous quarter and a 28.6% gain compared to second quarter 2002. Exports to Europe totaled $369 million, a gain of 11.5% over first quarter 2003 and an 18.5% increase compared to last year.
Africa took delivery of $89 million worth of construction equipment during April-June of this year, a gain of 48.3% over the previous quarter and a 35.3% increase compared to second quarter 2002. Australian/Oceania markets declined 18% compared to the first quarter with purchases of $104 million, which also was 18.2% lower than its construction equipment purchases for second quarter 2002.
