Business & Policy
Farm equipment exports up 13 percent in 2007
By Association of Equipment Manufacturers
Exports of US-manufactured farm machinery increased to $8.2 billion in 2007, advancing more than 13 percent, including a six percent hike in sales to Canada, according to the US Association of Equipment Manufacturers (AEM).
February 26, 2008
U.S. exports of agricultural-related machinery totaled more than $8.2 billion dollars in 2007, an increase of more than 13 percent compared to the previous year, according to the Association of Equipment Manufacturers (AEM).
"The increase illustrates the positive agricultural environment we are now seeing on a global basis. The need to provide energy and the need to provide adequate food to sustain the world population are key drivers of the positive trends we are seeing in exports of agricultural equipment," noted AEM Vice President Agricultural Services Charlie O'Brien.
"Agricultural equipment plays a vital role in boosting productivity to meet these energy and food needs on a worldwide basis," he added.
South America recorded the largest gains, followed by Africa and Europe.
Farm equipment exports dropped to Australia/Oceania and exports to Central America were flat. The AEM North American-based international trade group produces a quarterly "global markets" report consolidating U.S. Commerce Department data specific to farm machinery.
Farm equipment exports to South America grew 46 percent in 2007, with purchases totaling $689 million dollars. Africa took delivery of $247 million dollars worth of American-made agricultural equipment in 2007, a gain of 28 percent, and exports to Europe increased 24 percent and totaled $3.3 billion dollars.
Asia bought $710 million dollars worth of U.S. agricultural machinery, a 4-percent increase, while Canada's export purchases of $2.1 billion dollars represented a 6-percent increase.
U.S. exports to Australia/Oceania totaled $501 million dollars, a 15-percent decline for 2007, and Central America's farm equipment export purchases were flat at $722 million dollars.
The 10 countries buying the most U.S.-made farm machinery in 2007 were:
(1) Canada – $2.1 billion, up 6 percent; (2) Mexico – $536 million, down 4 percent; (3) Germany – $437 million, up 6 percent; (4) Australia – $430 million, down 19 percent; (5) Russia – $388 million, up 122 percent; (6) France – $366 million, up 2 percent; (7) Belgium – $349 million, up 38 percent; (8) United Kingdom – $287 million, up 6 percent; (9) Brazil – $244 million, up 66 percent; (10) Ukraine – $244 million, up 118 percent.