Extrusion International 6-2024-USA

33 Extrusion International 5/2022 Analysis Released: Third Quarter GDP Report’s Impact on Plastics Industry The Plastics Industry Association (PLASTICS) has released an official analysis of the third quarter GDP report’s impact on the plastics in- dustry, authored by PLASTICS Chief Economist, Dr. Perc Pineda. Dr. Pineda writes, “This broad-based in- crease in economic activity includes a 3.1% rise in real household spend- ing and a 3.3% increase in business investment, supporting a favorable outlook for the plastics industry. With an estimated 87.6% of plastics products directed toward personal consumption expenditures in 2023, the growth in household spending is positive news for the plastics in- dustry.” To read the full analysis on the PLASTICS blog page. https://www.plasticsindustry.org/ blog/u-s-economic-growth-persists- is-a-plastics-industry-rebound-on-the- horizon/ Global Trends Report Released – U.S. Plastics Trade Returns to Surplus The Plastics Industry Associa- tion (PLASTICS) released its annual ‚Global Trends’ report during the Association’s inaugural National Plastics Conference in Houston, Texas. The report notes a U.S. plas- tics trade surplus after a three-year deficit. “Plastics manufacturing is a global industry, and the over $1.5 trillion trade volume between countries in 2023, as highlighted in the Global Trends report, clearly demonstrates the industry's capacity to meet glob- al consumer demand across various end markets, including healthcare, transportation, construction, and consumer goods,” said PLASTICS Chief Economist, Dr. Perc Pineda. “The U.S. plastics industry’s posi- tion as a leader in the global plastics trade underscores the essential role of plastics and its importance across multiple industries,” said PLASTICS President and CEO, Matt Seaholm. “Our members are consistently in- novating and investing in new tech- nologies to enhance sustainability and efficiency while continuing to supply critical materials that im- prove lives worldwide.” Among the highlights found in the Global Trends report: • The U.S. plastics industry’s trade balance turned positive in 2023, with a $958 million surplus. • The U.S. resin industry had a $23.8 billion surplus in 2023, up 3.3% from the $23.0 billion surplus in 2022. • China was the industry’s third largest export market in 2023, with exports totaling $7.3B, a 6.3% in- crease from 2022. However, the U.S. plastics industry had its largest trade deficit with China – $11.4 bil - lion in 2023, down from $16.5 bil- lion in 2022. • Mexico and Canada remained the largest export markets for the U.S. plastics industry in 2023, with exports totaling $19.5 billion to Mexico and $14.4 billion to Canada. Interested parties will find the Global Trends report and its accom- panying dataset provide a uniquely comprehensive account of U.S. plastics exports and imports world- wide in each of the four catego- ries of the plastics industry – resin, products, machinery and molds. The report is also the only plastics trade report that includes trade analysis outlining the movement of resins and plastics that are embed- ded in goods that the U.S. both ex- ports and imports. An executive summary and the full PLASTICS’ ‚Global Trends’ re- port are available to Plastics Indus- try Association members online at: https://www.plasticsindustry.org/ data-report/global-trends-2024/ Dr. Perc Pineda www.smart-extrusion.com