Industries with the Biggest Decline in Exports in the US in 2024

1. Sheep Farming in the US

Decline in Exports for 2024: -69.3%

Sheep farmers have enjoyed growth over the current period. Rising red meat prices, which have stemmed from rising demand in downstream industries like slaughterhouses, have led to price-based gains for sheep farmers. Industry-wide revenue has been climbing at a CAGR of 1.6% over the past five years and is expected to total $802.8 million in 2023, when revenue will decrease by an estimated 0.5%.

The past five years have been tumultuous for profit. While sheep farmers enjoyed growth following the outbreak of COVID-19 as import penetration dropped, they have endured the effects of the COVID-19 pandemic on labor, as these... Learn More

2. Meat Alternatives Production in the US

Decline in Exports for 2024: -63.4%

Producers of meat alternatives enjoyed growth as producers capitalized on growing consumer trends, like health consciousness and moving away from meat products in general, accounting for environmental- and cost-based decisions. Perhaps most notably, producers have exhibited substantial growth as new companies began operating and competing with one another to satisfy growing consumer demand. Industry-wide revenue has been growing at a CAGR of 16.2% over the past five years and is expected to total $8.5 billion in 2023, when revenue will jump by an estimated 9.4%.

Retailers remain the primary source of growth for producers of meat alternatives. Nonetheless, producers... Learn More

3. Sugarcane Harvesting in the US

Decline in Exports for 2024: -33.3%

The industry has been relatively resilient, with revenue ultimately growing in recent years. As much of the agricultural sector was affected by the COVID-19 pandemic during 2020, industry revenue increased, unlike most crop growing industries. Overall, weather patterns are historically responsible for fluctuations in price and production. Following Hurricane Ida in 2021, industry performance was affected as production became limited due to the aftermath of the storm. Revenue is expected to rise at a CAGR of 1.4% to reach $1.3 billion in 2023, when revenue is set to fall 4.6% as falling fertilizer prices are passed along and per capita... Learn More

4. Fleet Telematics Systems in the US

Decline in Exports for 2024: -33.0%

Fleet telematics systems have expanded rapidly through the end of 2023. Operators manufacture devices and develop service software to track the location and characteristics of fleet vehicles. Industry revenue is reliant upon demand from truck transportation, the industry's key downstream market, in addition to trade flows and the taxi and limousine industry. Although volatile fuel prices often distort industry revenue for the transportation sector, revenue is only affected if the industry's key markets encounter reduced revenue due to significantly deficient demand. This was the case amid the COVID-19 pandemic, which led to much lower economic activity in the US and... Learn More

5. Boat Building in the US

Decline in Exports for 2024: -30.0%

Boat builders manufacture various watercraft intended mostly for personal use. These products are considered highly discretionary purchases, so boat builders benefit from growing consumer confidence, disposable income and consumer spending levels. Revenue increased each year between 2015 and 2018, but COVID-19 had dire consequences in 2020. Altogether, revenue has fallen at a CAGR of 2.3% to $12.1 billion over past five years, including a 2.3% drop in 2020 and a further 1.6% in 2021. This trend will reverse with industry revenue rising an expected 0.9% in 2023 alone. Industry profit has faltered over the past five years, decreasing as a... Learn More

6. Industrial Hemp Production in the US

Decline in Exports for 2024: -28.6%

As a nearly brand-new industry, the Industrial Hemp Production industry is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the name hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC). With few exceptions, until 2018, hemp production was illegal in the US. However, the 2018 Farm Bill legalized hemp growing on the grounds that the hemp grown have a THC content of less than 0.3% by weight. Upon legalization, the Industrial Hemp Production industry boomed as companies rapidly entered the industry to take advantage of the high demand for hemp-based... Learn More

7. Golf Cart Manufacturing in the US

Decline in Exports for 2024: -25.0%

Golf cart manufacturers have been enduring high volatility over the past five years. Although the standard golf cart has emerged as a convenient method of transportation for security personnel, retirement communities, families and other businesses and organizations, the primary market for golf carts remains the Golf Courses and Country Clubs industry (IBISWorld report 71391). While the COVID-19 pandemic sparked consumer interest in golf, health and safety regulations prevented manufacturers from fully capitalizing on evolving consumer tastes. Instead, inexpensive imports filled gaps in demand. Over the past five years, industry revenue has been falling at a CAGR of 5.4% and is... Learn More

8. Soybean Farming in the US

Decline in Exports for 2024: -22.0%

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

9. Candle Manufacturing in the US

Decline in Exports for 2024: -18.4%

Candle manufacturing is strongly influenced by consumer spending power. Candles have almost entirely lost their function as a source of light, but they have reemerged as a popular home decor product. They are highly discretionary purchases that compete with other home decor and air-freshening products. Still, rising consumer spending and the introduction of more scented and colored candle varieties has boosted performance. Also, the industry exhibited resiliency amid the COVID-19 pandemic, as stay-home-orders and establishment restrictions caused the majority of people to be locked in-doors. Consumers began investing more into home-improvements and other household items, candles included. Nonetheless, as restrictions... Learn More

10. Automobile Transmission Manufacturing in the US

Decline in Exports for 2024: -16.2%

Automobile transmission manufacturers have dealt with difficult conditions in recent years. The outbreak of COVID-19 in 2020 caused the whole auto sector to plummet, as consumer spending quickly dried up and the need for transportation vanished under stay-at-home orders. The industry experienced growth as restrictions were lifted, but sky-high commodity prices pressured profit and increased the operating cost of an automobile. As supply caught up, commodity prices have steadily settled. Import penetration remained strong as the TWI continued to grow while foreign competitors were able to ramp production back up faster than their US counterparts. Altogether, industry revenue has been... Learn More