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

1. BBQ Sauce Production in the US

Decline in Imports for 2023: -17.7%

The BBQ Sauce Production industry produces liquid or dry seasonings and flavorings. The array of culinary creations incorporating these sauces and rubs shields the industry from economic volatility. As organic foods gain increased traction in the United States, barbecue sauce manufacturers are pivoting to meet demand for all-natural ingredients. Furthermore, the visibility of the industry is boosted by TV shows featuring barbecue competitions. The popularity of outdoor cooking and grilling during COVID-19 led to a revenue boost of 5.6% within the same year. However, decreases in per capita disposable income, reduced meat consumption and dips in the consumer confidence index... Learn More

2. Bioplastics Manufacturing in the US

Decline in Imports for 2023: -17.0%

During the current period, concerns over the future of petroleum-based plastics supported demand for recyclable and sustainable bioplastics. Volatility in the world price of crude oil influenced major plastics producers to search for an alternative. Despite oil price volatility, bioplastics still remain more expensive than petro-based products. Overall, revenue has been falling at a CAGR of 1.5% to $1.1 billion over the past five years, including an expected jump of 1.2% in 2023 alone. Profit is also expected to slump to 4.9% of revenue in 2023 from 7.6% in 2018.

Rising environmental awareness has encouraged the government and large companies to... Learn More

3. 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

4. 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

5. Athletic & Sporting Goods Manufacturing in the US

Decline in Imports for 2023: -12.4%

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

6. Battery Manufacturing in the US

Decline in Imports for 2023: -11.5%

Battery manufacturers produce storage batteries, which are also known as secondary or rechargeable batteries; and primary batteries, which are nonrechargeable. Battery products have a variety of uses in cell phones, medical equipment, households and the automotive and transport sectors. Substantial research and development expenditure has dampened revenue expansion despite boosting exports and consumer spending between 2017 and 2019. COVID-19, however, has hurt consumer spending, pressured exports and disrupted supply chains, resulting in revenue dipping 8.0% in 2020. As demand for electric vehicles (EV) has strengthened, demand for lithium-ion battery packs has swelled in tandem. In response, battery manufacturers have accepted... Learn More

7. Women’s, Girls’ and Infants’ Apparel Manufacturing in the US

Decline in Imports for 2023: -10.6%

The Women's, Girls' and Infants' Apparel Manufacturing industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of industry operators have caused revenue to decrease over the five years to 2023. Largely as a result of overwhelming import competition, industry revenue fell an annualized 2.9% to $3.2 billion over the five years to 2023, including an increase of 0.7% in 2023. Labor costs are significantly lower in developing countries and automation for apparel manufacturing is somewhat limited. As a result, most companies have moved overseas and domestic operators satisfy a relatively... Learn More

8. Chicken Egg Production in the US

Decline in Imports for 2023: -7.3%

Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More

9. Semiconductor Machinery Manufacturing in the US

Decline in Imports for 2023: -6.2%

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

10. Wearable Device Manufacturing in the US

Decline in Imports for 2023: -6.2%

The Wearable Device Manufacturing industry produces many smart wearable devices like smartwatches, wristbands, and smart glasses. The industry is in the very early stage of its life cycle, characterized by high research and development expenditures and strong growth in the number of new entrants. However, unlike other growing industries, import penetration has increasingly challenged this industry. To stay competitive, most companies engaged in developing wearable devices offshore or outsource production abroad. Companies that manufacture wearable devices abroad are excluded from this industry. In contrast, manufacturers included in this industry tend to be relatively large domestic companies with extensive economies of... Learn More