Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Industries with the Biggest Decline in Exports in the US in 2023
Want to see more industries with the biggest decline in exports?
View a list of the Top 25 industries with the biggest decline in exportsDecline in Exports for 2023: -37.6%
Over the five years to 2022, the Tank and Armored Vehicle Manufacturing industry has benefited from rising geopolitical tensions after taking a direct hit from plummeting demand prior to the period. Industry players research, develop, manufacture, modify and repair military armored vehicles, self-propelled artillery and tanks. Prior to the current period, as the United States began to scale down combat operations in the Middle East, the defense budget was reduced, sequestration kicked in and spending on industry products plunged. As a result, the defense budget has decreased, hindering industry revenue over the past five years. Rising geopolitical tensions have caused... Learn More
Decline in Exports for 2023: -35.5%
Ornamental and architectural metalwork manufacturers develop architectural metalwork including fences, handrails, balcony rails, screen doors, window guards and other architectural fittings. Through the end of to 2023, the industry expanded in line with domestic construction activity. Favorable economic conditions have encouraged nonresidential and residential construction activity. In particular, low interest rates have facilitated investment as the low cost of borrowing bolstered the potential profitability. Still, these trends were derailed by the economic effects of the COVID-19 pandemic. Also, volatile steel and aluminum prices have hindered industry selling prices, further constraining revenue. Ornamental and architectural metalwork manufacturing revenue has inched downward... Learn More
Decline in Exports for 2023: -28.0%
Lighting and bulb manufacturers produce various products, including electric light bulbs, tubes, parts and components, while excluding LEDs. Manufacturers have struggled over the past two decades, with consistent declines and the occasional uptake in demand. Regulations to prevent the spread of the virus in 2020 forced many companies to close their doors, lowering bulb sales. Although high disposable income and low interest rates in 2021 resulted in strong manufacturing and construction activity, consumers continued to adopt energy-efficient solutions, losing gains from 2021.
Domestic manufacturers face high competition, mainly from foreign manufacturers and LED producers. An appreciating US dollar has lowered the... Learn More
Decline in Exports for 2023: -27.2%
The Semiconductor Machinery Manufacturing industry sells the equipment necessary to manipulate silicon on an atomic level and produce computer chips. Following oscillating consumer sentiment, projected outcomes for the tiny semiconductor machinery manufacturing industry reversed multiple times in a year. Although operators were damaged by employee lockdowns across Asia in the early days of COVID-19, raw income was boosted throughout the pandemic, increasing 25.6% in 2020 alone due to the unprecedented demand for electronics. Trends continued in 2021, driven by improving economic conditions and record prices for semiconductor components combined with federal government support to mitigate the global chip shortage. Semiconductor... Learn More
Decline in Exports for 2023: -24.3%
Over the next five years, the Athletic and Sporting Goods Manufacturing industry's performance was bolstered by rising disposable income, in addition to robust demand for athletic and sporting goods following the COVID-19 pandemic. Nonetheless, greater industry growth has been hampered by sustained import competition, with imports comprising 55.0% of domestic demand in 2023. Health consciousness has also fallen in the United States over the past five years, hindering industry manufacturers that provide equipment that requires exercise. Additionally, the amount of time consumers spend on technology has risen during the period, limiting the amount of time individuals participate in activities like... Learn More
Decline in Exports for 2023: -17.3%
Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by the fluctuating price of steel, which has become more volatile since the beginning of COVID-19. As input prices are highly volatile, the average profit margin varies yearly. COVID resulted in losses across multiple downstream markets, including vehicles, construction and containers, as consumer confidence fell. Some trends have spilled over to 2023, as inflationary fears placed pressure on consumers and companies.
Revenue for manufacturers follows a variety of factors,... Learn More
Decline in Exports for 2023: -12.9%
Operators in the Sawmills and Wood Production industry cut and treat lumber, boards, beams and other wood products. As the national desire for wood relies heavily on overall construction activity, rising housing starts and the value of nonresidential construction caused industry revenue to grow strongly until 2022, especially during the COVID-19 (coronavirus) pandemic. Consumers spending more time at home and switching to single-use paperware both supported wood processing companies. Still, nonresidential construction declined during the same period; wood is used less frequently in industrial and office structures, but slowing economic activity still cut deep. Despite swaying in the gales of... Learn More
Decline in Exports for 2023: -9.9%
In both literally and figuratively building the modern economy, the industry produces a wide range of cements. Cement is used predominantly in concrete products, with demand from ready-mix concrete producers accounting for a large percentage of revenue. Since concrete is used heavily in construction activities, the industry is dependent on investment in infrastructure, utilities, public works, residential and nonresidential construction. Going into 2023, demand for cement remained unusually stable, leveraging low interest rates and strong macroeconomic conditions early in the period to recover after weak demand from utilities damaged revenue in 2017. Both latent and induced demand for residential construction... Learn More
Decline in Exports for 2023: -9.6%
Operators in the Natural Gas Liquid Processing industry process raw natural gas by separating out a group of hydrocarbons often called natural gas liquids (NGLs). The industry then supplies these NGLs (mostly ethane, propane, butane, isobutane, pentane plus and natural gasoline) to pipelines for further transportation or directly to wholesalers or end users. Since NGLs are a naturally occurring component of natural gas, NGL production proportionally grows in line with natural gas extraction and processing.
Over the five years to 2022 the industry has expanded as a result of surging prices and increased domestic production. Much of this increased production has... Learn More
Decline in Exports for 2023: -8.6%
The Prefabricated Home Manufacturing industry produces modular and manufactured homes that are low-cost substitutes for conventional, site-built units. The industry caters to first-time homeowners, retirees and low-income consumers. Rising home prices during the period priced more buyers out of the traditional housing market and raised demand for prefabricated homes. Plummeting interest rates amid the COVID-19 pandemic and the health risks associated with the virus boosted demand for prefabricated homes as consumers fled congested urban areas and took advantage of the low-interest rates. Low-interest rates have also increased competition from the conventional housing market, mitigating revenue growth. As interest rates climb... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Employment in the US in 2023
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries By Revenue in the US in 2023
VIEW ARTICLEDownload a free sample report today to discover the breadth and depth of information available at your fingertips!
GET SAMPLE REPORT