Industries with the Biggest Decline in Imports Global in 2023

1. Global Oil & Gas Exploration & Production

Decline in Imports for 2023: -12.9%

The Global Oil and Gas Exploration and Production industry has gone through major turbulence over the five years to 2023. The COVID-19 pandemic and accompanying socioeconomic restrictions significantly disrupted macroeconomic activity, leading to tremendous volatility within global energy markets. Industry revenue fell to multi-decade lows in 2020 before reaching all-time highs in 2022 as production and prices of hydrocarbons were completely unstable. Industry revenue has increased at a CAGR of 9.6% to $5.3 trillion over the five years to 2023, despite a decline of 19.8% in 2023 alone. During this time, the United States has emerged as a key player... Learn More

2. Global Fertilizers & Agricultural Chemicals Manufacturing

Decline in Imports for 2023: 1.0%

The Global Fertilizers and Agricultural Chemicals Manufacturing industry produces synthetic fertilizers, pesticides, and other agricultural chemicals. Therefore, the industry plays an essential role in ensuring that the world's agricultural production systems are economically efficient in the short term and sustainable in the long term. Industry growth trends are led by three main drivers: feed, food, and biofuels.

Leading up to the reporting period, fertilizer and agrochemical demand increased in both traditional and emerging markets, where food pressures have led to calls for higher agricultural productivity and crop yields. However, growing commodity prices, particularly during COVID-19, have supported revenue. In particular, fertilizer... Learn More

3. Global Ship & Boat Building

Decline in Imports for 2023: 1.6%

Ship and boat builders have operated through unfavorable global economic conditions in recent years. These companies build ships and boats ranging from large container ships and tankers to yachts and speedboats. An economic downturn stemming from a commodity price collapse led to overcapacity and shrunk new orders leading into the period. As commodity prices normalized, orders grew and revenue began to rebound, but volatility has continued. Revenue is expected to grow at a CAGR of 3.4% to $168.4 billion over the five years to 2023.

The global economy grew between 2015 and 2019, but demand for new ships lagged behind. Overcapacity... Learn More

4. Global Soft Drink & Bottled Water Manufacturing

Decline in Imports for 2023: 2.2%

The Global Soft Drink and Bottled Water Manufacturing industry has experienced obstacles stemming from mature markets, leading to an overall contraction. Due to growing health concerns, consumers in both North America and Europe have curbed their intake of sugary beverages, such as carbonated soft drinks, fruit juices and traditional sports drinks. Bottled water consumption has also wavered in recent years due to concerns over the environmental footprint of plastic bottles. Nonetheless, the strengthening economies of the BRIC nations, which include Brazil, Russia, India and China, in addition to countries in Asia, Latin America and the Middle East have supported the... Learn More

5. Global Plastic Product & Packaging Manufacturing

Decline in Imports for 2023: 2.5%

The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to 2023. It has benefited from increasing plastic consumption worldwide, as rising capacity worldwide has resulted in solid growth in overall plastic production. Plastic goods are substituted for materials like wood, paper, metals, and glass, which are often more price competitive while offering better performance. Because of rising consumption and production during most of the current period, industry revenue has been expanding an annualized 2.3%, and is expected to reach $699.3 billion in 2023. This increase in revenue was decelerated by a dramatic drop... Learn More

6. Global Auto Parts & Accessories Manufacturing

Decline in Imports for 2023: 3.0%

Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased. Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.

The problems with the global supply chain due to COVID-19 deeply affected industry... Learn More

7. Global Milk & Cream Manufacturing

Decline in Imports for 2023: 3.2%

Solid economic growth in the growing economies of Asia and South America, alongside rising global per capita income, has led to consistent growth in global demand for milk and dairy products. Even amid the outbreak of COVID-19, production climbed. Rising input costs forced manufacturers to hike prices, contributing to considerable revenue growth. While milk prices have increased, profit has only inched up because of rising input costs. Industry-wide revenue has been growing at a CAGR of 7.2% over the past five years and is expected to total $889.4 billion in 2023, when revenue will drop by an estimated 4.9%.

China and... Learn More

8. Global Coal Mining

Decline in Imports for 2023: 3.6%

Coal mined by global coal mining companies plays a vital role in the world's ability to generate electricity and manufacture steel. Coal's position in global electricity markets stems from its relative accessibility, affordability and distribution across the globe. The world's largest coal producers are China, the United States and India, with these countries expected to retain their positions for the foreseeable future. Global coal mining revenue is a function of global production of coal mined products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to 2023, prices of thermal and coking... Learn More

9. Global Cosmetics Manufacturing

Decline in Imports for 2023: 5.0%

Global cosmetic manufacturers faced troubles during the period. This industry provides a wide array of products; a good deal of these products are non-discretionary, which partly shielded manufacturers from major disruptions seen in 2020 during COVID-19. However, product lines like fragrances, parts of skincare and makeup are fully discretionary. As the disruptions ran their course, consumers spent less and remained at home to stop the spread of the virus. Because of this, demand for discretionary products plummeted, leaving a huge glut in demand within the market. In more recent years, a return of consumer spending and disposable income has led... Learn More

10. Global Iron Ore Mining

Decline in Imports for 2023: 5.0%

Global iron ore mining performance has been strong through the end of 2023. Industry revenue is a function of global demand conditions and volatility in the world price of iron ore throughout the period has led to several years of double-digit rises. Global iron ore mining revenue has been surging at a CAGR of 8.1% over the past five years and is expected to total $305.1 billion in 2023, when revenue will fall by an estimated 7.1% This five-year overall growth can be mainly attributed to the recovering demand trends after the peak of the COVID-19 pandemic. This rise in... Learn More