Biggest Exporting Industries in the US in 2023

1. Oil Drilling & Gas Extraction in the US

Exports for 2023: $222.8B

The Oil Drilling and Gas Extraction Industry includes companies that profit from extracting and selling fossil fuels. Producers have experienced a high degree of volatility in recent years. Steady growth was ripped away when COVID-19 halted the economy, as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. Although, as the economy recovered demand shot up quicker than supply could match, causing prices to surge and generate substantial returns. Revenue has grown at a CAGR of 10.6%... Learn More

2. Petroleum Refining in the US

Exports for 2023: $158.0B

The Petroleum Refining industry has experienced multiple volatile conditions in recent years. Crude oil is the primary input cost for refiners in the United States. Attributable to its sensitivity to microeconomic and macroeconomic factors including supply, demand and the health of global economies, crude oil is a highly volatile commodity. The US oil and gas production index has increased in the last few years, contributing to the rise in the world price of crude oil. Despite the rising crude oil prices, volatility caused by the COVID-19 pandemic and Russia's invasion of Ukraine offset revenue growth. Over the past five years,... Learn More

3. Brand Name Pharmaceutical Manufacturing in the US

Exports for 2023: $83.1B

Over the past five years, the Brand Name Pharmaceutical Manufacturing industry has experienced several new drug launches, with over 28 novel drugs approved in 2022 (latest data available). Given increasing price scrutiny, competition from generics, intensifying market competition among brand-name producers and rising research and development expenses, many manufacturers have shifted their strategic focus to more lucrative therapy areas, such as rare diseases and oncology. As a result, many companies pivoted their pipelines to rare diseases, in which low prescription volumes can be offset by high per-unit costs and benefit from orphan drug exclusivity, which grants longer patent exclusivity in... Learn More

4. Natural Gas Liquid Processing in the US

Exports for 2023: $78.4B

Natural gas liquid (NGL) production proportionally grows with natural gas extraction. Natural gas production expands and contracts with downstream growth from industrial production and residential and commercial consumption. The outbreak of COVID-19 in 2020 led to lower industrial production and residential and commercial consumption of NGLs leading to an oversupply of NGLs and plummeting natural gas prices. As the economy reopened, surging natural gas prices led to spiking production, creating strong growth for NGL processors. Despite the unprecedented losses experienced in 2020, industry-wide revenue has been growing at a CAGR of 18.5% over the past five years and is expected... Learn More

5. Automobile & Light Duty Motor Vehicle Manufacturing in the US

Exports for 2023: $66.1B

Automobile and light duty motor vehicle manufacturers have contended with many challenges in recent years. The industry was already dealing with waning demand when the pandemic struck, resulting in lockdown orders and economic struggles. This drastically reduced the appeal of buying an automobile and consumers' ability to do so, resulting in steep revenue declines. The industry continued to struggle well past the end of pandemic-related disruptions, as the period of low wear stretched vehicles' life spans while low supply kept fuel prices high. The healing of international trade contributed greatly to manufacturers' stabilization, as they were able to again capitalize... Learn More

6. Organic Chemical Manufacturing in the US

Exports for 2023: $58.8B

Organic Chemical Manufacturing industry revenue tends to rise when industrial activity improves, and downstream manufacturers respond to growing demand by purchasing more raw materials in anticipation of greater production. Revenue has been volatile, especially in 2020, amid the COVID-19 outbreak, which caused an economic slowdown. Despite the unprecedented losses faced in 2020 and 2021, industry-wide revenue still grew at a CAGR of 2.7% to $168.0 billion over the past five years, despite a 5.2% decrease in 2023, supported by an improving business environment and rising commodity prices.

The industry has come up against significant economic headwinds over the past five years.... Learn More

7. Plastic & Resin Manufacturing in the US

Exports for 2023: $52.8B

Plastic and resin manufacturers have encountered volatile revenue growth because of fluctuating demand for products. COVID-19 put pressure on manufacturers and resulted in a revenue decline in 2020. After the pandemic, rebounding global productivity and increased manufacturing capacity helped plastic and resin manufacturers grow their revenue. Overall, revenue has grown at a CAGR of 0.8% to $129.1 billion through the end of 2023, including a 0.3% decline in 2023. Profit accounts for 0.7% of revenue in 2023, down from 7.6% in 2018.

Raw materials, including crude oil and natural gas, are critical for plastic and resin products. Prices of these inputs... Learn More

8. Navigational Instrument Manufacturing in the US

Exports for 2023: $44.8B

Demand for navigational instruments are driven by their downstream markets. Diversification of downstream buyers helped to partially shield the industry from extreme swings in downstream demand. While the industry showed resilience through COVID, revenue still fell at a marginal CAGR of 0.6% to $129.8 billion over the past five years, with a 0.4% decrease in 2023 alone.

Demand for navigational equipment instruments is also driven by private investment and demand from the private sector, which is reflected in analytical laboratory instrument manufacturers. The other portion of demand comes from the public side, in the form of US defense funding, surrounding specialized... Learn More

9. Soybean Farming in the US

Exports for 2023: $34.4B

The Soybean Farming industry is historically volatile. Before the COVID-19 pandemic, industry revenue had declined because of falling exports to China. In 2018, the US and China entered a trade war brought on by the US imposing tariffs on Chinese steel. The Chinese government responded by placing significant tariffs on US soybeans. China has historically been a major importer of soybeans, so these tariffs resulted in revenue declines for industry growers. However, in 2020, exports of soybeans surged as global supply chain disruptions increased demand for soybeans in other countries. Meanwhile, as the US economy moved beyond the pandemic in... Learn More

10. Nonferrous Metal Refining in the US

Exports for 2023: $33.0B

Nonferrous metal refining is highly globalized and closely linked to activity in the construction and manufacturing sectors, along with being heavily influenced by fluctuations in the price of copper and other nonferrous metals, which often reflect cyclical changes in both domestic and global demand. Despite fluctuating demand from downstream markets, the price of copper and nonferrous metals benefited from significant increases for the majority of the five years to 2023, which has benefited the industry as nonferrous metal refiners increased selling prices. Nonferrous metal refining revenue has been expanding at a CAGR of 2.7% over the past five years and... Learn More