Manufacturing is arguably one of the country’s most important commercial sectors. In terms of industrial output, the United States is the world’s second largest manufacturer, with an industrial output of nearly $1.7 billion in 2010.
From 1983 to 2005, the United States exports increased by 340%. Manufactured goods alone increased by 407% through this period. So, what are some of the country’s top manufactured exports? Well, it depends on the year. In 1983, some of the top exports included transportation equipment, computers, electronic products, farm machinery, chemicals, food, and kindred products. According to Wikipedia, these products accounted for 69% of the country’s exports in 1983.
During this same period, computer and electronic product experts increased by 493%; thus, surpassing transportation to become the country’s leading export commodity .
More recently, U.S. manufacturing exports have seen an increase in demand. In the first quarter of 2010, for instance, the country’s total merchandise exports increased by roughly 20%. The highest export commodities for 2010, however, remained the same as in 2009, with commodities like transportation equipment, computers, electronic products, chemicals, machinery, farm equipment and miscellaneous commodities topping the list.
It’s also worth noting that some of the top markets for manufactured products include Canada, Mexico, Japan, China, the UK, Germany, South Korea, the Netherlands, France, and Taiwan. Exports to Mexico have specifically increased substantially during the period of 1983 to 2005. Before this period, Japan was the country’s second largest market for manufactured exports. Now, however, Mexico holds this title.
Of course, the American manufacturing industry — like all industries — has experienced its fair share of ups and downs. At the turn of the 21st century, the industry experienced a decline, with many manufacturers forced to downsize or close their doors completely. The good news is that the industry has since turned back around in a positive direction. As we’ve discussed previously here on our blog, the American manufacturing industry has experienced growth in the past six consecutive months, creating tens of thousands of new jobs.
So, what’s in store for the future of American manufacturing? While there’s no way to foresee the market with 100% accuracy, all signs point towards a strong and growing industry. President Trump has announced plans to revitalize the manufacturing industry, encouraging companies to stop producing goods overseas and instead produce them here stateside.No tags for this post.