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

1. Sheep Farming in the US

Decline in Imports for 2024: -44.4%

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. Headphone Manufacturing in the US

Decline in Imports for 2024: -42.3%

The Headphone Manufacturing industry has grown considerably. Although competition from imports remains high, the industry has benefited from many technological developments sustaining demand for higher-quality domestic products, boosting exports. While foreign manufacturers win over price-sensitive consumers, domestic manufacturers can specialize in higher-end headphones, like Bluetooth-enabled and higher sound-quality headphones. In particular, rapid growth in the Bluetooth headphones product segment has benefited the industry, as many consumer electronics products offer wireless capabilities. Also, niche markets like gaming and luxury headphones have enabled certain companies to specialize in various headphones. Overall, industry-wide revenue has been increasing at a CAGR of 12.1% over... Learn More

3. Pesticide Manufacturing in the US

Decline in Imports for 2024: -36.8%

Pesticide manufacturers produce chemical and pesticide products to manage pests and diseases. Through 2023, volatility from downstream markets has reduced purchases of pesticides, limiting the industry's growth. Alongside demand, industry revenue is forecast to decline at a CAGR of 1.0% to $16.8 billion, including a 1.2% decrease in 2023 alone.

Amid supply chain disruptions for seeds and grains, crop production declined between 2017 and 2019, stifling growth during those years. Profit has also fallen, accounting for an estimated 3.9% of revenue in 2023, down from 4.3% in 2018. Fluctuations in demand and fluctuating purchasing costs of key inputs, like oil, natural... Learn More

4. Coal Mining in the US

Decline in Imports for 2024: -35.1%

Coal miners faced a highly volatile operating environment over the past five years. Wildly fluctuating commodity prices, declining mine output and the gradual transition toward cleaner and less-expensive energy alternatives have constrained domestic coal demand. Also, coal mining companies suffered from severe economic and supply chain disruptions that emerged following the outbreak of COVID-19 in 2020. Despite lower output, surging coal prices enabled coal miners to rebound in the latter half of the period. Canadian coal mining revenue has been increasing at an annualized 11.3% over the past five years, including an estimated 32.3% decrease in 2023, and is expected... Learn More

5. Men's & Boys' Apparel Manufacturing in the US

Decline in Imports for 2024: -32.7%

Demand for Men's and Boys' apparel manufacturing is derived from downstream markets as well as trade conditions. Trade issues presented the industry with a tough road during the five-year period, beginning with the trade war in 2019 between the US and China, which led to messy trade relations, hindering industry exports. The trade war was preceded by COVID-19 and the related disruptions that ensued in 2020, further depressing exports and hindering revenue. To contend with the high level of competition from foreign manufacturers, players in the industry must offshore their manufacturing process to utilize the cheaper labor costs. Falling at... Learn More

6. Boat Building in the US

Decline in Imports for 2024: -29.4%

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

7. Sugarcane Harvesting in the US

Decline in Imports for 2024: -28.6%

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

8. Soybean Farming in the US

Decline in Imports for 2024: -26.7%

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. Women’s, Girls’ and Infants’ Apparel Manufacturing in the US

Decline in Imports for 2024: -24.4%

The Women's, Girls' and Infants' Apparel Manufacturing industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of industry operators have caused revenue to decrease over the five years to 2023. Largely as a result of overwhelming import competition, industry revenue fell an annualized 2.9% to $3.2 billion over the five years to 2023, including an increase of 0.7% in 2023. Labor costs are significantly lower in developing countries and automation for apparel manufacturing is somewhat limited. As a result, most companies have moved overseas and domestic operators satisfy a relatively... Learn More

10. Potato Farming in the US

Decline in Imports for 2024: -23.1%

The industry produces potatoes, sweet potatoes and yams for sale to fresh markets and food processors. Potatoes are the most widely produced vegetable in the United States and form a well-accepted component of prepared dishes and snack foods, including French fries and potato chips. In fact, over 50.0% of the annual potato crop is destined to become French fries, with about 70.0% of industry revenue stemming from sales to food processors in 2021 (latest data available). Overall, potato farmers have worked to reduce production to uplift potato prices, which has had a mixed effect on industry revenue growth. In recent... Learn More