U.S. construction equipment exports grew by 20 percent in 2008 from the previous year and totaled more than $20.7 billion dollars for 2008, according to the Association of Equipment Manufacturers (AEM).
Exports of construction equipment to Europe gained 11 percent for a total of $3 billion dollars in 2008 and construction machinery exports to Canada increased 13 percent for a total of $6.2 billion dollars.
Sales to South America grew 44 percent in 2008 for a total of $3.3 billion dollars. Asia took delivery of $3 billion dollars worth of U.S. construction equipment, an increase of 25 percent. Exports to Central America grew 19 percent in 2008, for a total of $2 billion dollars.
Global trade, especially to emerging markets, was a mainstay of our resurgence in recent years, said Al Cervero of AEM. Obviously the situation is much different today. Our industry sector, as with the manufacturing community overall, has been devastated by the abrupt downturn in 2008. These export results were helped by trading terms such as letters of credit, which kept goods in the delivery pipeline.
Africa recorded purchases of $1.4 billion dollars worth of U.S. construction equipment, an increase of 29 percent. Exports to Australia/Oceania grew 14 percent, to $1.8 billion dollars.