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

1. Tank & Armored Vehicle Manufacturing in the US

Decline in Imports for 2023: -50.9%

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

2. Ornamental & Architectural Metalwork Manufacturing in the US

Decline in Imports for 2023: -32.9%

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

3. Lighting & Bulb Manufacturing in the US

Decline in Imports for 2023: -28.9%

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

4. ATV Manufacturing in the US

Decline in Imports for 2023: -22.4%

Over the five years to 2022, revenue for the ATV Manufacturing industry is expected to decrease slightly. Improving economic conditions in recent years have supported the industry, but not enough to offset losses amid the decline in spending due the COVID-19 (coronavirus) pandemic. All-terrain vehicles (ATVs) are four-wheeled vehicles equipped with wide tires that have a deep tread suitable for various conditions and terrains. Industry operators manufacture ATVs for recreational and utility purposes, in addition to associated vehicle parts. Since ATVs are primarily a discretionary purchase, industry revenue tends to be cyclical in nature. As a result, sales typically ebb... Learn More

5. Infant Formula Manufacturing in the US

Decline in Imports for 2023: -21.1%

As information about the importance of breastfeeding has spread recently, the Infant Formula Manufacturing industry has struggled to maintain growth while entering 2023. As a substitute for breastmilk, demand for infant formula is directly determined by the popularity of breastfeeding. According to the Centers for Disease Control and Prevention (CDC)'s 2020 Breastfeeding Report Card, the percentage of infants exclusively breastfed for the first six months after birth has grown to reach 25.6%, up from 20.6% in 2015. As a result of this increase, demand for industry products has been hampered. In addition, the percentage of babies who have been breastfed... Learn More

6. BBQ Sauce Production in the US

Decline in Imports for 2023: -17.7%

The BBQ Sauce Production industry makes liquid or dry seasonings and flavorings for use on barbecued meat, vegetables and other foods. The variety of dishes that use the sauce largely protects the industry from economic fluctuations. As the popularity of organic foods grows in the United States, barbecue sauce producers are adapting to meet demand for all-natural ingredients. Additionally, TV shows are showcasing barbecue competitions that advertise for the industry. Moreover, US economic conditions improved over much of the five-year period to 2022, enabling more people to purchase grills for barbecuing. Moreover, in 2020, outdoor cooking and grilling boomed amid... Learn More

7. Men's & Boys' Apparel Manufacturing in the US

Decline in Imports for 2023: -16.3%

Demand for Men's and Boys' apparel manufacturing is derived from downstream markets as well as trade conditions. Trade issues presented the industry with a tough road during the five-year period, beginning with the trade war in 2019 between the US and China, which led to messy trade relations, hindering industry exports. The trade war was preceded by COVID-19 and the related disruptions that ensued in 2020, further depressing exports and hindering revenue. To contend with the high level of competition from foreign manufacturers, players in the industry must offshore their manufacturing process to utilize the cheaper labor costs. Falling at... Learn More

8. Surgical Apparel Manufacturing in the US

Decline in Imports for 2023: -16.2%

The Surgical Apparel Manufacturing industry is expected to decline over the five years to 2021. Industry products are used to prevent contamination during surgery. Therefore, demand for surgical apparel is directly linked to the number of surgeries performed. While the aging baby boomer population and obesity epidemic have translated to an increasing number of surgeries, these trends are predominantly reliant on gradual demographic shifts and have not substantially grown over the past five years. However, legislative reforms, such as the Patient Protection and Affordable Care Act (PPACA), have expanded the number of insured individuals that can afford surgical procedures during... Learn More

9. Art & Office Supply Manufacturing in the US

Decline in Imports for 2023: -15.5%

Companies in the Art and Office Supply Manufacturing industry manufacture a range of art and office supplies, including pens, pencils, staplers and marking devices. Overall, the industry has contended with stark challenges. For instance, businesses across the United States have moved toward conducting operations online, so they require fewer industry products. The COVID-19 pandemic has accelerated this trend as work-from-home policies necessitated the use of digital alternatives. Overall, industry revenue is expected to decline at an estimated annualized rate of 4.1% to $3.0 billion while entering 2023, including a drop of 0.1% in 2023 alone, as the decline slows due... Learn More

10. Iron & Steel Manufacturing in the US

Decline in Imports for 2023: -13.0%

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