Extrusion International 1-2023-USA

26 Extrusion International 1/2023 26 INDUSTRY NEWS „GLOBAL TRENDS REPORT“ Released  The Plastics Industry Association (PLASTICS) released its annual Glob- al Trends report during an executive briefing at the K Show in Düssel - dorf, Germany in October, 2022. “Inflationwas a big factor in the in - creases in the dollar value of exports and imports of plastics trade,” said Perc Pineda, Ph.D. Chief Economist at PLASTICS. “While this year’s mer - chandise trade outlook could miss the forecast, as the global economic growth slowed, the world is still the market for the plastics industry.” Among the highlights found in the Global Trends report: • The U.S. plastics industry’s over - all trade deficit grew to $10.1 bil - lion in 2021 from $5.4 billion just a year earlier. For several years prior, the plastics industry enjoyed a trade surplus. Still, the U.S. enjoyed a $19.6 billion surplus in resin. • The U.S. plastics industry had an $18.2 billion trade deficit with Chi - na, its third-largest export market. This was, however, offset in part by an $2.6 billion resin trade surplus with China, the world’s largest resin buyer and a large importer of U.S.- produced resins. Interested parties throughout the globe will find the „Global Trends“ report and its accompanying datas- et provide a comprehensive account of U.S. plastics exports and imports worldwide in each of the four cate- gories of the plastics industry – resin, products, machinery and molds. The report is also the only plastics trade report that includes contained trade analysis outlining the movement of resins and plastics that are embed- ded in goods that the U.S. both ex - ports and imports. • According to Global Trends, Mexico and Canada remained the U.S. plastics industry’s largest export markets. In 2021, the industry ex - ported $18.0 billion to Mexico and $15.0 billion to Canada, maintain - ing its largest trade surplus – $10.8 billion – with Mexico. • In the first half of 2022, U.S. plastics industry exports increased 16.9% and imports rose 17.0% com - pared to the first half of 2021.The trade balance however, increased by 17.4%. “Risks on plastics trade remain in the forecast for 2023, but for the U.S. plastics industry, international trade remains a component of its overall growth strategy in 2022 and beyond,” said Pineda. “The U.S. ranks second in PLASTICS Global Plastics Ranking™.” “The fact that our Global Trends report anticipates positive results for our industry, despite a widened trade deficit, speaks to the impor - tance of plastics to the world we live in,” said Matt Seaholm, President and CEO of PLASTICS. “Our mem - bers stand ready to provide the ma- terials that improve lives through- out the world and that are essential to creating the circular economy we all strive to achieve.” An executive summary of PLAS- TICS’ Global Trends report is avail- able online at: www.plasticsindustry.org/globaltrends 2022 Industry RECAP Provided  PLASTICS has released “The U.S. Plastics Industry in 2022 in Seven Charts,” a recap of the plas- tics industry 2022 economic perfor- mance, authored by Chief Econo- mist, Dr. Perc Pineda. Dr. Pineda writes, “Seven charts explain how the U.S. plastics industry, through - out the supply chain, performed in 2022. The U.S. plastics industry continued to grow in 2022 against the backdrop of weaker domestic and global economic growth. Data shows that the U.S. economy’s output contracted in the first half of 2022 and followed by what ap- pears to be a tepid output growth rate in the second half of 2022. The manufacturing sector — plastics in- dustry included — continued to ad- just to domestic and global econo- mies that have started to downshift into a lower gear this year.” www.plasticsindustry.org/blog/ us-plastics-industry-2022-seven-charts 2023 Recycling Committee Executive Board Announced  PLASTICS has announced the 2023 Recycling Committee Execu- tive Board. The Recycling Commit - tee is a tactical committee that rep- resents PLASTICS’ members across the association’s four councils, bringing equipment makers, brand owners, processors, and material suppliers together aligning their collective efforts to put recycling at the forefront of their business pri- orities. Perc Pineda Matt Seaholm