U.S. industrial machinery exports, which can include large power generating machinery to small parts for domestic electrical items, are predicted to account for 21 percent of U.S. export increases from 2013 to 2015, and is expected to rise to 25 percent from 2016 to 2020 and to 26 percent from 2021 to 2030, according to the report.
Industrial machinery is also expected to account for 25 percent of U.S. import increases from 2013 to 2015, but will decline to 22 percent from 2016 to 2020, before inching up again to 23 percent from 2021 to 2030.
“For businesses looking to expand internationally, understanding which countries are set to increase imports in the sector in which they operate may provide new opportunities to deliver significant growth,” said Prabhat Vira, U.S. regional head of trade and receivables finance for HSBC, in a written statement.
In addition to industrial machinery, other higher value-added sectors, including transport, medical and measuring equipment, are also set to be big contributors to U.S. export increases.
Canada, Mexico and China remain the top markets for U.S. exports, although exports to the United Arab Emirates, India and Vietnam are expected to increase the most over the next several years, the report added.