According to the reports received from “PLASTICS“, based on the two new reports from the source, the U.S. Plastics Industry has maintained its trade surplus resulting in increasing the jobs and shipments in 2018.
WASHINGTON, D.C., October 31, 2019 – The size of the U.S. plastics industry expanded in 2018, accounting for 993,000 new jobs and $451.3 billion worth of shipments. In the same year, it maintained a trade surplus of $500 million—an increasingly rare feat among manufacturing sectors—as consumption of plastics products continued to grow in the U.S.
Each of these figures are key insights included in two new reports released today by the Plastics Industry Association (PLASTICS). The 2019 Size & Impact of the U.S. Plastics Industry focuses on the U.S. market while Global Business Trends focuses on the U.S. plastics industry’s position in the global market. Both reports contain forecasting data unique to PLASTICS, aimed to help its members identify new markets and trends in order to make better business decisions.
“Our ability to provide the most insightful, actionable data to our members is a big part of our value proposition. These two reports are the twin pillars that hold up the rest of our growing data apparatus,” said president and CEO of PLASTICS Tony Radoszewski. “Taken together the reports show a dynamic U.S. plastics industry and a strong U.S. economy where the demand for plastics and plastics products continues to grow.”
Though the U.S. plastics industry is one of the only manufacturing sectors to have maintained a trade surplus for many years, in 2018 the surplus did shrink from $3.0 billion in 2017 to $500 million in 2018.
“A strong U.S. dollar and sustained U.S. economic expansion has increased the economy’s propensity to consume imported goods, in addition to the use of imported intermediate goods in U.S. plastics manufacturing,” said PLASTICS Chief Economist Perc Pineda, PhD. “This caused imports to rise faster than exports, which shrank our surplus, but it also indicates strong demand for plastics. The 2019 Global Trends report also indicated that apparent consumption of plastics industry goods, calculated as the difference between shipments and exports plus imports, grew by 6.9% in 2018.”
Free summaries are available of both the Size & Impact and Global Trends reports here. Full copies can be purchased by non-members of PLASTICS and are free to PLASTICS members.
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About Plastics Industry Association
The Plastics Industry Association (PLASTICS), formerly SPI, is the only organization that supports the entire plastics supply chain, representing nearly one million workers in the $451 billion U.S. industry. Since 1937, PLASTICS has been working to make its members and the industry more globally competitive while advancing recycling and sustainability. To learn more about PLASTICS’ education initiatives, industry-leading insights and events, networking opportunities and policy advocacy, and North America’s largest plastics trade show, NPE: The Plastics Show, click “HERE”
The last article about “Tony Radoszewski” published at the PIMI News Channel was: The PLASTICS President Testified Before The US House Committee.
