PLASTICS: Global plastics trade volume to reach US$1.7 trillion
The Plastics Industry Association (PLASTICS) released its annual Global Trends report on November 8, 2023.
PLASTICS released its Global Trends report 2023.
“According to the World Trade Organization (WTO), global trade volume expanded by 2.7% in 2022. The remarkable 9.7% growth in the U.S. plastics industry’s trade volume for 2022, surpassing global merchandise trade, underscores the strong global demand for plastics,” stated Dr. Perc Pineda, PhD, PLASTICS’ Chief Economist.
He added that data from the first half of 2023 indicated a decline in plastics trade volume compared to the same period last year.
“The decelerating economic growth in China may pose a challenge for the US plastics industry, given that China ranks as the third-largest export market for US plastics,” said Pineda.
It is also worth noting that the US enjoys a US$3.1 billion trade surplus in resin, making it the second-largest country in terms of resin trade surplus, trailing only Mexico, Pineda pointed out.
Highlights of the Global Trends report are as follow:
Overall plastics trade deficit fell to US$7.4 billion in 2022 from US$10 billion in 2021 as the global economy continued to recover from the pandemic in 2020.
Apparent consumption of plastics industry goods in the US increased 13.7% to US$393.3 billion. This indicator of demand underscores the benefits that plastics and plastics products on the economy.
Global plastics trade volume is estimated to have reached US$1.7 trillion with China, the US and Germany raked the top three players in global plastics trade.
The US plastics industry had its largest trade surplus with Mexico of US$11 billion, followed by Belgium (US$2.9 billion), Brazil (US$2.4 billion), the Netherlands (US$881 million), and Singapore (US$854 million).
“The trade connections among the US, Mexico, and Canada are robust and deeply embedded, largely owing to the United States-Mexico-Canada Free Trade Agreement. These three nations stand out as key trade partners across the entire spectrum of the plastics industry, evident from the substantial US$258.8 billion trade volume in resin and plastics products in 2022,” concluded Pineda.
