Machinery Exports Boost Company Balance Sheets

September 1, 2008 07:00 PM
 
An AgWeb.com Farm Equipment Special

With a faltering U.S. economy, hefty world exports of U.S. farm machinery are injecting welcome revenue to manufacturers’ bottom lines. According to the latest report from the Association of Equipment Manufacturers (AEM), exports of U.S. agricultural-related equipment to nations around the world topped $5.8 billion dollars for the first half of 2008 compared to mid-year 2007 numbers-- an increase of 30.5 percent.

Destinations:

The top 11 export destinations for U.S. farm machinery exports for the first half of 2008 were:

(1) Canada - $1.55 billion, up 35 percent;
(2) Russia - $456 million, up 63 percent;
(3) Germany - $331 million, up 25 percent;
(4) Australia - $305.5 million, up 97 percent;
(5) Mexico - $305 million, up 9 percent;
(6) France - $244 million, up 23 percent;
(7) Ukraine - $243 million, up 71 percent;
(8) United Kingdom - $233 million, up 25 percent;
(9) Belgium - $179 million, down 2 percent;
(10) Kazakhstan - $156 million, up 56 percent.
(11) Brazil came in at number 11 with $145 million, a 29-percent increase.

Trends by Global Regions:

-- Exports to Australia/Oceania grew the most during the first half of 2008, an increase of 94 percent as the region took delivery of $347 million dollars worth of U.S. farm equipment.

-- Exports to South America rose 37 percent, to total $406 million, while Central America purchased $398 million worth of American-made farm machinery, a gain of 8 percent.

-- Agricultural equipment exports to Europe rose 30 percent for January-June 2008 compared to a year earlier to total $2.6 billion, and exports to Canada were $1.55 billion, an increase of 35 percent.

-- Exports to Asia increased 6 percent to total $398 million, and exports to Africa of U.S.-made farm equipment grew 29 percent and totaled $141 million.

AEM data is reported quarterly, compiled from U.S. Department of Commerce data.


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