Industries with the Biggest Decline in Exports in the US in 2023

1. Semiconductor Machinery Manufacturing in the US

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

2. Athletic & Sporting Goods Manufacturing in the US

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

3. Iron & Steel Manufacturing in the US

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

4. Sawmills & Wood Production in the US

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

5. Meal Replacement Product Manufacturing in the US

Decline in Exports for 2023: -12.9%

Demand for meal replacement product manufacturers' core customer base, which includes recreational athletes and adults seeking to lose weight, has remained strong during the current period. Although many consumers have reduced discretionary expenditures in response to the unfavorable economic environment during COVID-19, industry revenue still increased in 2020 as consumers sought convenient and nutritious foods to manage weight and supplement diets. So, industry-wide revenue has increased at a CAGR of 3.1% over the past five years – including an estimated 1.7% increase in the current year – and is expected to total $6.1 billion in 2023, while profit decreased to... Learn More

6. Beekeeping in the US

Decline in Exports for 2023: -12.4%

According to data from the US Department of Agriculture (USDA), the number of honey-producing colonies in the Beekeeping industry in the US has decreased slightly in 2022 by 1.1%. Despite shrinking production volumes due to reduced farm and consumer demand, honey prices exhibited a 12.0% increase in 2022. A sharp rebound in consumer demand for agriculture products sparked increased demand from farms for pollination services. According to the USDA, which started collecting data on pollination services in 2015, revenue from that segment has supported industry revenue growth, until 2020 when it exhibited a 17.5% decline, causing industry revenue to fall... Learn More

7. Cement Manufacturing in the US

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

8. Industrial Chocolate Production in the US

Decline in Exports for 2023: -9.6%

The Industrial Chocolate Production industry has experienced growth, despite volatility from fluctuating cocoa prices and challenges introduced by the COVID-19 pandemic. The industry's production, which includes processed cocoa beans to manufacture cocoa products, including cocoa powder, liquor and butter, is largely destined for chocolate confectionery producers, although bakers and dairy beverage producers also buy cocoa products to infuse into their foods. In recent years, fluctuations in cocoa prices have been offset by improving disposable incomes and greater demand for premium chocolate goods. Despite an added emphasis on health consciousness by American consumers and challenges created by the COVID-19 pandemic that... Learn More

9. Prefabricated Home Manufacturing in the US

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

10. Iron Ore Mining in the US

Decline in Exports for 2023: -7.7%

Iron ore miners are highly susceptible to changes in industrial production, which is why COVID-19 wreaked havoc on this industry. Severe iron ore and steel price volatility has significantly impacted iron ore miners. Overall, industry-wide revenue has been falling at a CAGR of 1.6% over the past five years and is expected to total $5.1 billion in 2023, when revenue will plummet by an estimated 13.3%.

Iron ore miners' output has remained stable in recent years, excluding 2020, when mines and steelmakers halted production. Iron ore miners have faced severe price-based volatility over the past five years. Following mine closures in... Learn More