U.S. Loading Machinery Imports

In 2023, loading machinery imports into the United States fell to 5.1M units, with a decrease of -6.1% compared with 2022 figures. Overall, imports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2016 with an increase of 12% against the previous year. Over the period under review, imports attained the maximum at 7.4M units in 2017; however, from 2018 to 2023, imports remained at a lower figure.

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In value terms, loading machinery imports expanded significantly to $3.8B (IndexBox estimates) in 2023. Over the period under review, total imports indicated a strong increase from 2013 to 2023: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +32.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25%. Imports peaked in 2023 and are expected to retain growth in years to come.

Imports by Country

Canada (956K units), Mexico (885K units) and South Korea (377K units) were the main suppliers of loading machinery imports to the United States, with a combined 44% share of total imports.

From 2013 to 2023, the biggest increases were recorded for South Korea (with a CAGR of +28.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest loading machinery suppliers to the United States were Mexico ($996M), Germany ($678M) and Canada ($476M), together accounting for 57% of total imports. South Korea, Italy, China and Japan lagged somewhat behind, together accounting for a further 23%.

South Korea, with a CAGR of +37.5%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the loading machinery price amounted to $451 per unit (CIF, US), jumping by 22% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($2,018 per unit), while the price for Belgium ($99 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Germany (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform